2,777,120 Shares in Wolfspeed, Inc. $WOLF Bought by Capital Research Global Investors

Capital Research Global Investors purchased a new stake in Wolfspeed, Inc. (NYSE:WOLF) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 2,777,120 shares of the company’s stock, valued at approximately $79,426,000. Capital Research Global Investors owned approximately 0.11% of Wolfspeed as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Wolfspeed in the second quarter valued at $34,000. Canada Pension Plan Investment Board purchased a new stake in shares of Wolfspeed in the 2nd quarter worth about $34,000. Marex Group plc purchased a new stake in shares of Wolfspeed in the second quarter valued at about $44,000. Panagora Asset Management Inc. grew its position in shares of Wolfspeed by 709.4% in the second quarter. Panagora Asset Management Inc. now owns 113,800 shares of the company’s stock valued at $45,000 after purchasing an additional 99,740 shares during the last quarter. Finally, WINTON GROUP Ltd purchased a new position in shares of Wolfspeed during the 2nd quarter worth approximately $47,000.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Wall Street Zen cut Wolfspeed from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research note on Monday, December 29th. Susquehanna lowered their price target on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a report on Thursday, January 22nd. Piper Sandler reissued an “overweight” rating and issued a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. Finally, Zacks Research upgraded Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $12.75.

Wolfspeed Trading Up 9.9%

NYSE:WOLF opened at $18.23 on Thursday. The firm has a market capitalization of $821.88 million and a price-to-earnings ratio of -2.59. The firm’s fifty day simple moving average is $18.42 and its 200 day simple moving average is $17.64. Wolfspeed, Inc. has a twelve month low of $8.05 and a twelve month high of $36.60.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, January 28th. The company reported ($6.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.74) by ($5.37). During the same period in the prior year, the business posted ($0.95) earnings per share. The company’s quarterly revenue was down 6.6% on a year-over-year basis. On average, analysts predict that Wolfspeed, Inc. will post -4 earnings per share for the current year.

About Wolfspeed

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.