Wolfspeed, Inc. $WOLF Shares Sold by Ionic Capital Management LLC

Ionic Capital Management LLC decreased its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 49.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,519 shares of the company’s stock after selling 24,481 shares during the quarter. Ionic Capital Management LLC owned approximately 0.06% of Wolfspeed worth $444,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of WOLF. Cinctive Capital Management LP acquired a new stake in shares of Wolfspeed in the fourth quarter valued at approximately $176,000. Ardsley Advisory Partners LP acquired a new stake in shares of Wolfspeed in the fourth quarter valued at approximately $2,873,000. Renesas Electronics America Inc. acquired a new stake in shares of Wolfspeed in the fourth quarter valued at approximately $293,400,000. Jump Financial LLC acquired a new stake in shares of Wolfspeed in the fourth quarter valued at approximately $7,099,000. Finally, ExodusPoint Capital Management LP acquired a new stake in shares of Wolfspeed in the fourth quarter valued at approximately $3,290,000.

Analysts Set New Price Targets

Several brokerages have commented on WOLF. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $20.00.

Wolfspeed Stock Performance

Shares of NYSE:WOLF opened at $48.69 on Thursday. The stock has a market capitalization of $2.53 billion and a price-to-earnings ratio of -4.61. Wolfspeed, Inc. has a 1-year low of $8.05 and a 1-year high of $80.82. The company has a 50 day moving average price of $45.07 and a 200 day moving average price of $27.79.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.78) by $0.52. The business had revenue of $150.20 million for the quarter, compared to the consensus estimate of $150.00 million. The company’s quarterly revenue was down 19.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.72) earnings per share.

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.