Exclusive: Activist Jana, in letter, urges Wolfspeed to eye sale, other strategic alternatives [Reuters]
Wolfspeed, Inc. (WOLF)
Company Research
Source: Reuters
, opens new tab to explore all ways to improve shareholder value, including a potential sale, according to a letter reviewed by Reuters. Jana, which owns what it called a "significant" stake in Wolfspeed, wrote in the letter that it is high time for the 37-year old company with a market value of $2.8 billion to pursue "all avenues to improve WOLF's performance" and begin a "comprehensive review of strategic alternatives." "Such an exploration of alternatives could uncover numerous ways to highlight and realize value, including through a sale," the letter to the board of the Durham, North Carolina-headquartered company said. A Wolfspeed representative did not immediately respond to requests for comment. Wolfspeed's stock price has tumbled nearly 50% since January and has lost 63% of its value over the last 52 weeks as the company missed financial and operational milestones, leading investors to worry about its strategy and capital allocation at a time when growth expectations
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WOLF
News
- Wolfspeed, Inc. (NYSE:WOLF) Consensus Forecasts Have Become A Little Darker Since Its Latest Report [Yahoo! Finance]Yahoo! Finance
- Wolfspeed: Not So Bad [Seeking Alpha]Seeking Alpha
- Why Wolfspeed Sank Today [Yahoo! Finance]Yahoo! Finance
- Wolfspeed, Inc. (NYSE: WOLF) had its price target lowered by analysts at Citigroup Inc. from $29.00 to $25.00. They now have a "neutral" rating on the stock.MarketBeat
- Wolfspeed, Inc. (NYSE: WOLF) had its price target lowered by analysts at Canaccord Genuity Group Inc. from $50.00 to $47.00. They now have a "buy" rating on the stock.MarketBeat
WOLF
Earnings
- 5/1/24 - Beat
WOLF
Sec Filings
- 5/2/24 - Form 10-Q
- 5/1/24 - Form 8-K
- 3/4/24 - Form 8-K
- WOLF's page on the SEC website