Ratan Capital Management LP Invests $2.47 Million in Wolfspeed, Inc. $WOLF

Ratan Capital Management LP bought a new stake in shares of Wolfspeed, Inc. (NYSE:WOLF) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 51,128 shares of the company’s stock, valued at approximately $2,467,000. Wolfspeed accounts for 0.8% of Ratan Capital Management LP’s investment portfolio, making the stock its 24th biggest position.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Summit Securities Group LLC lifted its holdings in shares of Wolfspeed by 71.0% during the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after buying an additional 915 shares during the last quarter. FNY Investment Advisers LLC bought a new position in Wolfspeed during the second quarter worth $204,000. Royal Bank of Canada acquired a new position in Wolfspeed during the 1st quarter valued at $89,000. Next Level Private LLC acquired a new position in Wolfspeed during the 2nd quarter valued at $434,000. Finally, Cinctive Capital Management LP bought a new stake in Wolfspeed in the 4th quarter valued at $176,000.

Wolfspeed Stock Down 3.7%

Shares of WOLF opened at $25.95 on Friday. The stock has a market cap of $1.38 billion and a price-to-earnings ratio of -1.65. Wolfspeed, Inc. has a 12 month low of $8.05 and a 12 month high of $80.82. The company has a 50-day moving average price of $32.55 and a two-hundred day moving average price of $33.06.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, August 19th. The company reported ($2.26) earnings per share for the quarter, beating the consensus estimate of ($2.45) by $0.19. The company had revenue of $149.60 million during the quarter, compared to the consensus estimate of $150.00 million. During the same quarter in the prior year, the company posted ($0.77) earnings per share. The company’s revenue for the quarter was down 24.1% on a year-over-year basis.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on WOLF shares. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, August 22nd. TD Cowen reiterated a “hold” rating and issued a $25.00 target price on shares of Wolfspeed in a research note on Thursday, August 20th. Susquehanna lowered their price target on 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 Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a report on Monday. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average 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.