Brooklands Fund Management Ltd Purchases New Shares in Wolfspeed, Inc. $WOLF

Key Points

• Brooklands Fund Management purchased 902,100 Wolfspeed shares in the third quarter, valued at approximately $25.4 million. The position represents 3.7% of its portfolio and 1.7% of Wolfspeed’s outstanding shares.
• Wolfspeed shares opened at $24.94 after falling 6.4%, with the company reporting a quarterly loss of $2.26 per share and revenue down 24.1% year over year to $149.6 million.
• Analyst sentiment remains cautious: Wolfspeed has a consensus “Hold” rating and an average price target of $23.33, while recent analysts have generally maintained or lowered their outlooks.

Brooklands Fund Management Ltd bought a new stake in Wolfspeed, Inc. (NYSE:WOLF - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 902,100 shares of the company's stock, valued at approximately $25,376,000. Wolfspeed accounts for about 3.7% of Brooklands Fund Management Ltd's investment portfolio, making the stock its 11th biggest holding. Brooklands Fund Management Ltd owned 1.70% of Wolfspeed as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of WOLF. Renesas Electronics America Inc. purchased a new position in shares of Wolfspeed during the 2nd quarter valued at approximately $813,126,949. Panview Capital Ltd purchased a new position in shares of Wolfspeed during the second quarter valued at $6,952,000. Readystate Asset Management LP purchased a new stake in Wolfspeed in the 2nd quarter worth about $6,841,000. Ratan Capital Management LP purchased a new stake in Wolfspeed in the 2nd quarter worth about $2,467,000. Finally, Capstone Capital Management Ltd boosted its position in Wolfspeed by 35.6% during the 3rd quarter. Capstone Capital Management Ltd now owns 71,275 shares of the company's stock worth $2,005,000 after acquiring an additional 18,721 shares during the period.

Wolfspeed Trading Down 6.4%

Wolfspeed stock opened at $24.94 on Friday. Wolfspeed, Inc. has a 1-year low of $13.48 and a 1-year high of $80.82. The firm's fifty day simple moving average is $26.77 and its 200-day simple moving average is $30.12. The company has a market capitalization of $1.32 billion and a P/E ratio of -1.58.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its quarterly earnings data on Wednesday, August 19th. The company reported ($2.26) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($2.45) by $0.19. The business had revenue of $149.60 million during the quarter, compared to the consensus estimate of $150.00 million. During the same quarter in the prior year, the company posted ($0.77) earnings per share. The company's revenue for the quarter was down 24.1% on a year-over-year basis. On average, equities research analysts predict that Wolfspeed, Inc. will post -8.27 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on WOLF shares. Wall Street Zen downgraded Wolfspeed from a "sell" rating to a "strong sell" rating in a report on Saturday, September 19th. Zacks Research upgraded shares of Wolfspeed to a "hold" rating in a research report on Friday, September 25th. Weiss Ratings lowered shares of Wolfspeed from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, October 23rd. Susquehanna lowered their price target on shares of Wolfspeed from $30.00 to $25.00 and set a "neutral" rating on the stock in a report on Wednesday, October 21st. Finally, TD Cowen assumed coverage on shares of Wolfspeed in a research note on Thursday, August 20th. They issued a "hold" rating and a $25.00 price target on the stock. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $23.33.

Wolfspeed Company Profile

Wolfspeed, Inc is a semiconductor company focused on silicon carbide (SiC) technologies. Its products are designed to support the conversion and management of electrical power in applications that require high efficiency, high voltage, and operation at elevated temperatures.

The company develops and manufactures SiC power devices, including metal-oxide-semiconductor field-effect transistors, diodes, power modules, and related components. It also produces SiC materials such as wafers and epitaxial substrates used by semiconductor manufacturers.

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