Wolfspeed, Inc. $WOLF is Shah Capital Management’s 9th Largest Position

Shah Capital Management lifted its position in Wolfspeed, Inc. (NYSE:WOLF) by 1,419.5% during the 1st quarter, HoldingsChannel reports. The firm owned 508,948 shares of the company’s stock after buying an additional 475,454 shares during the period. Wolfspeed comprises about 1.6% of Shah Capital Management’s investment portfolio, making the stock its 9th biggest position. Shah Capital Management’s holdings in Wolfspeed were worth $8,306,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Summit Securities Group LLC boosted its stake in Wolfspeed by 71.0% during the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after buying an additional 915 shares during the period. Eastern Bank bought a new position in Wolfspeed in the 4th quarter worth about $46,000. Cinctive Capital Management LP purchased a new stake in shares of Wolfspeed in the 4th quarter valued at about $176,000. Capital Investment Advisory Services LLC raised its holdings in shares of Wolfspeed by 13.3% in the 4th quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock valued at $264,000 after acquiring an additional 1,783 shares in the last quarter. Finally, Polymer Capital Management HK LTD bought a new stake in shares of Wolfspeed during the 3rd quarter valued at about $582,000.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $20.00.

Wolfspeed Stock Up 9.2%

WOLF opened at $48.29 on Wednesday. The stock has a market cap of $2.51 billion and a PE ratio of -4.57. Wolfspeed, Inc. has a 52 week low of $8.05 and a 52 week high of $80.82. The business’s fifty day simple moving average is $49.83 and its 200 day simple moving average is $29.56.

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

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.