Renesas Electronics America Inc. Purchases Shares of 16,852,372 Wolfspeed, Inc. $WOLF

Key Points

• Renesas Electronics America acquired 16.85 million Wolfspeed shares in the second quarter, valued at approximately $813.1 million, giving it roughly 32.43% ownership and making WOLF its entire investment portfolio.
• Wolfspeed shares opened at $31.81, with a $1.65 billion market capitalization and a trading range of $8.05 to $80.82 over the past year.
• Analyst sentiment remains cautious: Wolfspeed has a consensus “Hold” rating and an average price target of $25, below the reported share price, while recent reports included downgrades and price-target reductions.

Renesas Electronics America Inc. acquired a new position in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 16,852,372 shares of the company's stock, valued at approximately $813,126,949,000. Wolfspeed makes up approximately 100.0% of Renesas Electronics America Inc.'s investment portfolio, making the stock its largest position. Renesas Electronics America Inc. owned about 32.43% of Wolfspeed as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of WOLF. Summit Securities Group LLC lifted its stake in Wolfspeed by 71.0% in the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company's stock valued at $38,000 after buying an additional 915 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in Wolfspeed during the second quarter worth $204,000. Royal Bank of Canada purchased a new position in Wolfspeed during the first quarter worth $89,000. Atlas Brown Inc. increased its position in Wolfspeed by 29.2% during the second quarter. Atlas Brown Inc. now owns 32,300 shares of the company's stock worth $1,558,000 after buying an additional 7,300 shares in the last quarter. Finally, Next Level Private LLC acquired a new position in shares of Wolfspeed in the second quarter worth $434,000.

Wolfspeed Stock Performance

Shares of NYSE WOLF opened at $31.81 on Friday. The firm has a market cap of $1.65 billion and a P/E ratio of -3.01. 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 $36.88 and its 200 day moving average price is $32.29.

Analysts Set New Price Targets

WOLF has been the topic of several recent research reports. Wall Street Zen downgraded Wolfspeed from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 1st. Susquehanna dropped their price objective on Wolfspeed from $40.00 to $30.00 and set a "neutral" rating for the company in a research report on Tuesday, July 21st. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Wolfspeed in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $25.00.

Wolfspeed Company 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.

Want to see what other hedge funds are holding WOLF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wolfspeed, Inc. (NYSE:WOLF - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source