By Svea Herbst-Bayliss
NEW YORK (Reuters) -Activist investor Jana Partners, which last year pushed Wolfspeed to consider a sale to boost its share price, has exited its entire position in the silicone carbide wafer maker, according to a regulatory filing made on Thursday.
Wolfspeed said last week it is considering bankruptcy and has seen its shares lose nearly 92% of their value in the last five years to trade at $3.77 now.
Jana’s regulatory filing shows it sold nearly 5 million Wolfspeed shares during the first quarter of 2025. The firm cut some of its Wolfspeed position late last year when it sold roughly 19% of its stake in the company, a previous filing shows.
Jana first began pushing for change at Wolfspeed in early 2024 and in late 2024 said it saw “significant upside” for its share price. The company said it added new directors to its board in October 2024.
So-called 13F filings, which detail what investment firms owned in U.S. stocks at the end of the previous quarter, are backward-looking but are closely watched for indications of investment trends.
The firm also bought 734,763 shares in Freshpet, establishing a new position almost two years after the activist and pet food company reached a cooperative agreement in 2023.
(Reporting by Svea Herbst-Bayliss)
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