Lazard Asset Management LLC Makes New $1.80 Million Investment in Wolfspeed, Inc. $WOLF

Key Points

• Lazard Asset Management initiated a Wolfspeed position by purchasing 110,041 shares worth approximately $1.80 million, representing about 0.23% of the company.
• Analyst sentiment remains cautious: Wolfspeed has a consensus “Hold” rating and an average price target of $25, while Susquehanna cut its target to $30 and other ratings included “Sell” and “Strong Sell.”
• Wolfspeed reported a quarterly loss of $3.26 per share, beating estimates, with revenue of $150.2 million; however, revenue declined 19% year over year. Shares opened at $24.22, compared with a 52-week range of $8.05 to $80.82.

Lazard Asset Management LLC acquired a new position in Wolfspeed, Inc. (NYSE:WOLF - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 110,041 shares of the company's stock, valued at approximately $1,796,000. Lazard Asset Management LLC owned approximately 0.23% of Wolfspeed as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in WOLF. Canada Pension Plan Investment Board purchased a new stake in Wolfspeed during the 2nd quarter worth $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Wolfspeed in the 2nd quarter valued at $34,000. Summit Securities Group LLC raised its position in Wolfspeed by 71.0% in the fourth 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 during the period. Marex Group plc purchased a new position in Wolfspeed in the second quarter valued at about $44,000. Finally, WINTON GROUP Ltd acquired a new position in shares of Wolfspeed during the second quarter worth about $47,000.

Wall Street Analyst Weigh In

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

Wolfspeed Stock Performance

Shares of NYSE WOLF opened at $24.22 on Tuesday. Wolfspeed, Inc. has a 1 year low of $8.05 and a 1 year high of $80.82. The stock's 50-day simple moving average is $42.71 and its 200-day simple moving average is $31.74. The firm has a market cap of $1.26 billion and a price-to-earnings ratio of -2.29.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($3.26) EPS for the quarter, beating analysts' consensus estimates of ($3.78) by $0.52. The business had revenue of $150.20 million during the quarter, compared to analysts' expectations of $150.00 million. During the same period in the prior year, the company posted ($0.72) EPS. The company's revenue for the quarter was down 19.0% on a year-over-year basis.

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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