Silverback Asset Management LLC Invests $8.19 Million in Wolfspeed, Inc. $WOLF

Key Points

• Silverback Asset Management purchased 286,407 shares of Wolfspeed (~$8.19 million), representing a 1.11% stake according to the firm's most recent SEC filing.
• Wolfspeed posted a large earnings miss — quarterly EPS of ($6.11) vs. consensus ($0.74) and revenue down 6.6% year-over-year; analysts' consensus rating is "Reduce" with a $12.75 price target.
• WOLF opened at $16.75, trades within a 52-week range of $8.05–$36.60, has a market cap of about $755.2 million and a negative P/E of -2.38.

Silverback Asset Management LLC purchased a new stake in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 286,407 shares of the company's stock, valued at approximately $8,191,000. Silverback Asset Management LLC owned 1.11% of Wolfspeed as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Wolfspeed in the second quarter worth approximately $34,000. Canada Pension Plan Investment Board purchased a new stake in Wolfspeed in the second quarter valued at $34,000. Marex Group plc purchased a new stake in Wolfspeed in the second quarter valued at $44,000. Panagora Asset Management Inc. lifted its stake in shares of Wolfspeed by 709.4% in the 2nd quarter. Panagora Asset Management Inc. now owns 113,800 shares of the company's stock valued at $45,000 after purchasing an additional 99,740 shares during the last quarter. Finally, WINTON GROUP Ltd acquired a new position in shares of Wolfspeed in the 2nd quarter valued at $47,000.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Susquehanna cut their price objective on Wolfspeed from $30.00 to $20.00 and set a "neutral" rating for the company in a research report on Thursday, January 22nd. Zacks Research raised shares of Wolfspeed to a "hold" rating in a research report on Monday, February 9th. Piper Sandler reaffirmed an "overweight" rating and set a $20.00 target price (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Wolfspeed in a research report on Monday, December 29th. Finally, Wall Street Zen downgraded shares of Wolfspeed from a "hold" rating to a "sell" rating in a research note on Saturday, February 7th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Reduce" and a consensus target price of $12.75.

Wolfspeed Stock Down 1.3%

WOLF opened at $16.75 on Friday. Wolfspeed, Inc. has a 52 week low of $8.05 and a 52 week high of $36.60. The business has a fifty day simple moving average of $18.37 and a 200-day simple moving average of $17.74. The firm has a market cap of $755.21 million and a P/E ratio of -2.38.

Wolfspeed (NYSE:WOLF - Get Free Report) last posted its quarterly earnings data on Wednesday, January 28th. The company reported ($6.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($5.37). During the same quarter in the previous year, the firm posted ($0.95) earnings per share. The business's quarterly revenue was down 6.6% compared to the same quarter last year. Sell-side analysts expect that Wolfspeed, Inc. will post -4 earnings per share for the current year.

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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