XTX Topco Ltd significantly increased its holdings in Wolfspeed, Inc. (NYSE:WOLF) by an astonishing 4,954.1% during the second quarter of 2023. This information was disclosed in the company’s recent Form 13F filing with the Securities and Exchange Commission. Following this acquisition, XTX Topco Ltd now owns 982,770 shares of Wolfspeed, having added 963,325 shares during the quarter, bringing the total value of its stake to approximately $392,000.
In addition to XTX Topco Ltd, several other institutional investors have also adjusted their stakes in Wolfspeed. For instance, Goldman Sachs Group Inc. raised its shareholding by 176.7% in the first quarter, acquiring 881,603 shares to reach a total of 1,380,499 shares. This investment is currently valued at around $4,224,000.
Other Notable Institutional Movements
Other notable movements include Nuveen LLC, which established a new position in Wolfspeed valued at approximately $1,365,000, and Jump Financial LLC, which purchased shares worth $4,402,000. Additionally, GMT Capital Corp and Shah Capital Management both made new investments, valued at $2,593,000 and $6,586,000, respectively, during the same quarter.
As of the latest trading session, Wolfspeed’s stock was down 3.2%, opening at $22.03. The company has a market capitalization of $570.35 million and a price-to-earnings ratio of -34.97. Over the past twelve months, the stock has seen a low of $8.05 and a high of $36.60. Its fifty-day simple moving average stands at $24.41, while the 200-day simple moving average is $9.48.
Analyst Ratings and Market Reactions
Market analysts have weighed in on Wolfspeed shares, with Weiss Ratings reiterating a “sell (e+)” rating on September 27, 2023. In contrast, Wall Street Zen upgraded the stock to a “hold” rating on November 22, 2023. Furthermore, Susquehanna raised its price target for Wolfspeed to $30.00, assigning a “neutral” rating in a report released on October 22, 2023.
Currently, the consensus evaluation from analysts categorizes the stock as “Reduce,” with an average price target of $10.50. Among the analysts, three have given a Buy rating, one has rated it as Hold, while four have issued Sell ratings.
Wolfspeed, Inc. operates as a leading semiconductor company specializing in silicon carbide and gallium nitride (GaN) technologies. The company serves markets in Europe, Hong Kong, China, and the broader Asia-Pacific region, as well as in the United States. Its product offerings include silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers, catering to applications in RF, power, and more.
For those interested in tracking institutional investments in Wolfspeed, more information can be found on platforms like HoldingsChannel.com, which provides updates on 13F filings and insider trades.
