Wolfspeed, Inc. $WOLF Holdings Reduced by CastleKnight Management LP

CastleKnight Management LP decreased its position in Wolfspeed, Inc. (NYSE:WOLF) by 25.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 229,846 shares of the company’s stock after selling 80,200 shares during the period. CastleKnight Management LP’s holdings in Wolfspeed were worth $4,002,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Cinctive Capital Management LP bought a new position in Wolfspeed in the 4th quarter worth about $176,000. Ardsley Advisory Partners LP bought a new position in shares of Wolfspeed in the fourth quarter valued at approximately $2,873,000. Renesas Electronics America Inc. acquired a new position in shares of Wolfspeed during the fourth quarter valued at approximately $293,400,000. Jump Financial LLC bought a new stake in Wolfspeed during the fourth quarter worth approximately $7,099,000. Finally, ExodusPoint Capital Management LP acquired a new stake in Wolfspeed in the fourth quarter worth approximately $3,290,000.

Analyst Upgrades and Downgrades

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

Wolfspeed Stock Performance

Shares of NYSE WOLF opened at $48.69 on Thursday. The stock has a fifty day moving average price of $45.07 and a two-hundred day moving average price of $27.79. The firm has a market cap of $2.53 billion and a P/E ratio of -4.61. Wolfspeed, Inc. has a 1 year low of $8.05 and a 1 year high of $80.82.

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

Wolfspeed 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.