Renesas Electronics America Inc. Acquires New Shares in Wolfspeed, Inc. $WOLF

Renesas Electronics America Inc. purchased a new position in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 16,852,372 shares of the company's stock, valued at approximately $813,126,949. Wolfspeed comprises 0.1% of Renesas Electronics America Inc.'s investment portfolio, making the stock its biggest position. Renesas Electronics America Inc. owned approximately 32.43% of Wolfspeed as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. UBS Group AG lifted its position in shares of Wolfspeed by 3,413.9% in the fourth 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 during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings 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 worth $5,718,000 after buying an additional 906,968 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Wolfspeed by 176.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company's stock valued at $4,224,000 after buying an additional 881,603 shares during the period. Calamos Advisors LLC bought a new position in Wolfspeed in the 4th quarter valued at approximately $12,451,000. Finally, Hudson Bay Capital Management LP purchased a new stake in shares of Wolfspeed during the fourth quarter worth about $12,187,000.

Wolfspeed Stock Performance

Shares of Wolfspeed stock traded down $1.18 during midday trading on Friday, hitting $25.77. The company had a trading volume of 742,033 shares, compared to its average volume of 4,437,934. The company has a 50 day moving average of $33.18 and a 200 day moving average of $33.11. Wolfspeed, Inc. has a 52-week low of $8.05 and a 52-week high of $80.82. The stock has a market capitalization of $1.37 billion and a P/E ratio of -1.64.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its quarterly earnings data on Wednesday, August 19th. The company reported ($2.26) 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. The business's quarterly revenue was down 24.1% on a year-over-year basis. During the same period last year, the firm earned ($0.77) EPS.

Wall Street Analysts Forecast Growth

WOLF has been the subject of a number of recent analyst reports. TD Cowen reaffirmed a "hold" rating and issued a $25.00 price objective on shares of Wolfspeed in a report on Thursday, August 20th. Wall Street Zen upgraded shares of Wolfspeed from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 22nd. Susquehanna cut their target price on shares of Wolfspeed from $40.00 to $30.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 21st. Finally, Weiss Ratings raised shares of Wolfspeed from a "sell (d-)" rating to a "sell (d)" rating in a research report on Monday. 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $25.00.

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.