HITE Hedge Asset Management LLC Reduces Stock Position in Wolfspeed, Inc. $WOLF

HITE Hedge Asset Management LLC reduced its holdings in Wolfspeed, Inc. (NYSE:WOLF) by 27.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 45,105 shares of the company’s stock after selling 17,213 shares during the period. HITE Hedge Asset Management LLC’s holdings in Wolfspeed were worth $785,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Andar Capital Management HK Ltd purchased a new position in shares of Wolfspeed in the 3rd quarter worth $48,000. Eastern Bank purchased a new position in shares of Wolfspeed in the 4th quarter worth $46,000. Capital Investment Advisory Services LLC grew its stake in shares of Wolfspeed by 13.3% in the 4th quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock worth $264,000 after buying an additional 1,783 shares in the last quarter. Polymer Capital Management HK LTD purchased a new position in shares of Wolfspeed in the 3rd quarter worth $582,000. Finally, Mariner Investment Group LLC purchased a new position in shares of Wolfspeed in the 3rd quarter worth $715,000.

Wolfspeed Trading Down 5.8%

WOLF stock opened at $42.88 on Friday. Wolfspeed, Inc. has a 12 month low of $8.05 and a 12 month high of $80.82. The company has a 50-day moving average price of $43.27 and a 200 day moving average price of $27.16. The stock has a market cap of $2.23 billion and a PE ratio of -4.06.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($3.26) EPS for the quarter, topping analysts’ consensus estimates of ($3.78) by $0.52. The firm had revenue of $150.20 million for the quarter, compared to analysts’ expectations of $150.00 million. During the same period in the prior year, the firm posted ($0.72) earnings per share. Wolfspeed’s revenue for the quarter was down 19.0% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $20.00.

Wolfspeed Company Profile

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.