Senvest Management LLC Trims Stake in Wolfspeed, Inc. $WOLF

Key Points

• Senvest Management LLC cut its Wolfspeed stake by 44.3% in the first quarter, leaving it with 281,624 shares valued at about $4.6 million.
• Wolfspeed shares were down 11% and traded around $23.09, far below the stock’s 52-week high of $80.82.
• The company posted a quarterly EPS loss of $3.26, which beat expectations, while revenue came in at $150.2 million, down 19% year over year; analysts currently rate the stock Hold on average.

Senvest Management LLC lessened its holdings in Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 44.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 281,624 shares of the company's stock after selling 223,610 shares during the period. Senvest Management LLC owned approximately 0.58% of Wolfspeed worth $4,596,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Goldman Sachs Group Inc. increased its position in shares of 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 purchasing an additional 881,603 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Wolfspeed by 94.3% in the first 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 during the last quarter. WINTON GROUP Ltd purchased a new position in Wolfspeed during the second quarter worth about $47,000. Ilex Capital Partners UK LLP boosted its stake in Wolfspeed by 499.1% during the second quarter. Ilex Capital Partners UK LLP now owns 665,697 shares of the company's stock worth $265,000 after buying an additional 554,587 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Wolfspeed during the second quarter valued at about $34,000.

Wolfspeed Trading Down 11.0%

NYSE:WOLF opened at $23.09 on Friday. Wolfspeed, Inc. has a 12-month low of $8.05 and a 12-month high of $80.82. The firm has a market cap of $1.20 billion and a PE ratio of -2.19. The stock has a fifty day moving average price of $47.70 and a 200 day moving average price of $31.49.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share for the quarter, topping the consensus estimate of ($3.78) by $0.52. The company had revenue of $150.20 million for the quarter, compared to analysts' expectations of $150.00 million. Wolfspeed's revenue for the quarter was down 19.0% compared to the same quarter last year. During the same quarter last year, the company earned ($0.72) EPS.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on WOLF. Weiss Ratings reissued a "sell (d-)" rating on shares of Wolfspeed in a research note on Wednesday, June 24th. Susquehanna lowered their price objective on shares of Wolfspeed from $40.00 to $30.00 and set a "neutral" rating for the company in a research report on Tuesday. Finally, Wall Street Zen upgraded shares of Wolfspeed from a "strong sell" rating to a "sell" rating in a report on Saturday, July 18th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Wolfspeed has a consensus rating of "Hold" and an average 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.

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