First Trust Advisors LP Buys 37,313 Shares of Wolfspeed, Inc. $WOLF

Key Points

• First Trust Advisors increased its Wolfspeed stake by 60.6% in the first quarter, buying 37,313 additional shares and bringing its holdings to 98,874 shares worth approximately $1.61 million.
• Several institutional investors also expanded their Wolfspeed positions, including UBS, Goldman Sachs and UBS Asset Management, while Renesas Electronics America and Calamos Advisors established new stakes.
• Analyst sentiment remains cautious: Wolfspeed has a consensus “Hold” rating and a $25 target price, while its shares opened at $32.70 and have traded between $8.05 and $80.82 over the past year.

First Trust Advisors LP raised its stake in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 60.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 98,874 shares of the company's stock after buying an additional 37,313 shares during the quarter. First Trust Advisors LP owned about 0.20% of Wolfspeed worth $1,614,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of WOLF. Renesas Electronics America Inc. acquired a new stake in Wolfspeed in the fourth quarter worth $293,400,000. UBS Group AG increased its position in shares of Wolfspeed by 3,413.9% in the 4th quarter. UBS Group AG now owns 1,269,548 shares of the company's stock valued at $22,103,000 after buying an additional 1,233,419 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Wolfspeed by 94.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company's stock valued at $5,718,000 after buying an additional 906,968 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Wolfspeed by 176.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company's stock worth $4,224,000 after buying an additional 881,603 shares during the period. Finally, Calamos Advisors LLC acquired a new stake in Wolfspeed during the 4th quarter worth $12,451,000.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Susquehanna decreased their target price on Wolfspeed from $40.00 to $30.00 and set a "neutral" rating for the company in a research note on Tuesday, July 21st. Wall Street Zen lowered Wolfspeed from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 1st. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Wolfspeed in a report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $25.00.

Wolfspeed Stock Down 0.5%

Shares of NYSE:WOLF opened at $32.70 on Monday. The firm has a market cap of $1.70 billion and a price-to-earnings ratio of -3.10. Wolfspeed, Inc. has a 12 month low of $8.05 and a 12 month high of $80.82. The company's fifty day simple moving average is $39.75 and its 200 day simple moving average is $31.97.

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.

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