Readystate Asset Management LP Buys Shares of 141,784 Wolfspeed, Inc. $WOLF

Key Points

• Readystate Asset Management initiated a Wolfspeed position by purchasing 141,784 shares valued at approximately $6.84 million, representing 0.27% of the company.
• Wolfspeed reported a quarterly loss of $2.26 per share, beating estimates, while revenue of $149.6 million declined 24.1% year over year.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $25, below the stock’s reported $28.48 price.

Readystate Asset Management LP purchased a new position in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 141,784 shares of the company's stock, valued at approximately $6,841,000. Readystate Asset Management LP owned 0.27% of Wolfspeed as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of WOLF. Summit Securities Group LLC lifted its holdings in Wolfspeed by 71.0% in the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company's stock worth $38,000 after purchasing an additional 915 shares during the period. FNY Investment Advisers LLC bought a new stake in shares of Wolfspeed during the 2nd quarter worth about $204,000. AXQ Capital LP acquired a new stake in shares of Wolfspeed in the 2nd quarter worth approximately $208,000. Concurrent Investment Advisors LLC bought a new position in shares of Wolfspeed in the second quarter valued at approximately $229,000. Finally, Royal Bank of Canada bought a new position in shares of Wolfspeed in the first quarter valued at approximately $89,000.

Wolfspeed Stock Performance

Wolfspeed stock opened at $28.48 on Monday. The firm has a market cap of $1.51 billion and a price-to-earnings ratio of -1.81. Wolfspeed, Inc. has a 1 year low of $8.05 and a 1 year high of $80.82. The firm's 50 day moving average price is $30.44 and its two-hundred day moving average price is $33.54.

Wolfspeed (NYSE:WOLF - Get Free Report) last announced its quarterly earnings data on Wednesday, August 19th. The company reported ($2.26) EPS for the quarter, beating analysts' consensus estimates of ($2.45) by $0.19. The company had revenue of $149.60 million for the quarter, compared to analyst estimates of $150.00 million. Wolfspeed's revenue was down 24.1% on a year-over-year basis. During the same quarter last year, the company posted ($0.77) EPS.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on WOLF shares. TD Cowen reissued a "hold" rating and set a $25.00 target price on shares of Wolfspeed in a report on Thursday, August 20th. Susquehanna lowered their price target on Wolfspeed from $40.00 to $30.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 21st. Wall Street Zen raised Wolfspeed from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 22nd. Finally, Weiss Ratings upgraded Wolfspeed from a "sell (d-)" rating to a "sell (d)" rating in a report on Monday, August 24th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Wolfspeed has a consensus rating of "Hold" and an average price target of $25.00.

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.

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