Lazard Asset Management LLC Acquires Shares of 110,041 Wolfspeed, Inc. $WOLF

Lazard Asset Management LLC acquired a new position in shares of Wolfspeed, Inc. (NYSE:WOLF) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 110,041 shares of the company’s stock, valued at approximately $1,796,000.

Several other hedge funds and other institutional investors also recently modified their holdings of WOLF. Summit Securities Group LLC raised its stake in shares of Wolfspeed by 71.0% in the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after purchasing an additional 915 shares in the last quarter. Capital Investment Advisory Services LLC raised its stake in Wolfspeed by 13.3% during the fourth quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock valued at $264,000 after buying an additional 1,783 shares in the last quarter. Cinctive Capital Management LP bought a new position in Wolfspeed during the 4th quarter worth approximately $176,000. Stifel Financial Corp grew its position in shares of Wolfspeed by 38.2% in the 4th quarter. Stifel Financial Corp now owns 56,037 shares of the company’s stock worth $976,000 after acquiring an additional 15,494 shares in the last quarter. Finally, Quinn Opportunity Partners LLC increased its holdings in shares of Wolfspeed by 23.9% in the 4th quarter. Quinn Opportunity Partners LLC now owns 86,400 shares of the company’s stock valued at $1,504,000 after acquiring an additional 16,686 shares during the last quarter.

Wolfspeed Price Performance

Shares of WOLF opened at $24.22 on Tuesday. The company has a market cap of $1.26 billion and a P/E ratio of -2.29. The stock has a fifty day moving average price of $42.71 and a 200 day moving average price of $31.74. Wolfspeed, Inc. has a 12 month low of $8.05 and a 12 month high of $80.82.

Wolfspeed (NYSE:WOLF) last posted its 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 company had revenue of $150.20 million during the quarter, compared to the consensus estimate of $150.00 million. The business’s quarterly revenue was down 19.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.72) earnings per share.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Wall Street Zen cut Wolfspeed from a “sell” rating to a “strong sell” rating in a research note on Saturday. Susquehanna decreased their price target on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Tuesday, July 21st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research note on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Wolfspeed has a consensus rating of “Hold” and an average price target of $25.00.

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.