Praxis Investment Management Inc. Buys Shares of 102,720 Wolfspeed, Inc. $WOLF

Praxis Investment Management Inc. purchased a new position in Wolfspeed, Inc. (NYSE:WOLF) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 102,720 shares of the company’s stock, valued at approximately $41,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Wolfspeed by 18.8% in the first quarter. Vanguard Group Inc. now owns 18,913,793 shares of the company’s stock worth $57,876,000 after acquiring an additional 2,989,503 shares in the last quarter. Primecap Management Co. CA lifted its stake in Wolfspeed by 2.2% during the first quarter. Primecap Management Co. CA now owns 6,665,270 shares of the company’s stock worth $20,396,000 after purchasing an additional 146,106 shares during the last quarter. Neuberger Berman Group LLC boosted its holdings in shares of Wolfspeed by 72.7% in the 1st quarter. Neuberger Berman Group LLC now owns 4,329,584 shares of the company’s stock worth $13,723,000 after purchasing an additional 1,822,958 shares in the last quarter. Shah Capital Management bought a new position in shares of Wolfspeed during the 1st quarter valued at about $6,586,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Wolfspeed by 94.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock valued at $5,718,000 after buying an additional 906,968 shares in the last quarter.

Wolfspeed Stock Performance

Shares of Wolfspeed stock opened at $31.20 on Monday. Wolfspeed, Inc. has a 52-week low of $8.05 and a 52-week high of $36.60. The company’s 50 day moving average price is $9.88 and its 200-day moving average price is $4.76. The stock has a market capitalization of $806.21 million and a price-to-earnings ratio of -2.77.

Wall Street Analyst Weigh In

Several analysts have issued reports on WOLF shares. Wall Street Zen raised Wolfspeed from a “sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings restated a “sell (e+)” rating on shares of Wolfspeed in a report on Saturday, September 27th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Wolfspeed currently has an average rating of “Reduce” and a consensus price target of $9.22.

About Wolfspeed

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.