Wolfspeed, Inc. $WOLF Position Trimmed by Ionic Capital Management LLC

Ionic Capital Management LLC trimmed its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 49.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 25,519 shares of the company’s stock after selling 24,481 shares during the quarter. Ionic Capital Management LLC’s holdings in Wolfspeed were worth $444,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board bought a new stake in Wolfspeed during the second quarter worth approximately $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Wolfspeed in the 2nd quarter valued at approximately $34,000. Marex Group plc purchased a new stake in shares of Wolfspeed in the 2nd quarter valued at approximately $44,000. Eastern Bank purchased a new stake in shares of Wolfspeed in the 4th quarter valued at approximately $46,000. Finally, WINTON GROUP Ltd purchased a new stake in shares of Wolfspeed in the 2nd quarter valued at approximately $47,000.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. One investment 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 data from MarketBeat.com, Wolfspeed has a consensus rating of “Hold” and a consensus price target of $20.00.

Wolfspeed Stock Up 8.2%

WOLF stock opened at $48.69 on Thursday. Wolfspeed, Inc. has a 12-month low of $8.05 and a 12-month high of $80.82. The company has a market cap of $2.53 billion and a price-to-earnings ratio of -4.61. The company has a 50 day moving average of $45.07 and a two-hundred day moving average of $27.79.

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

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.