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

Shah Capital Management increased its stake in Wolfspeed, Inc. (NYSE:WOLF) by 1,419.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 508,948 shares of the company’s stock after purchasing an additional 475,454 shares during the quarter. Wolfspeed makes up approximately 1.6% of Shah Capital Management’s portfolio, making the stock its 9th biggest holding. Shah Capital Management owned 1.13% of Wolfspeed worth $8,306,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Atlas Brown Inc. bought a new stake in shares of Wolfspeed in the first quarter valued at $408,000. SG Americas Securities LLC purchased a new stake in Wolfspeed in the 1st quarter worth about $6,671,000. Yaupon Capital Management LP purchased a new stake in Wolfspeed in the 4th quarter worth about $7,834,000. Summit Securities Group LLC raised its stake in Wolfspeed by 71.0% in the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after acquiring an additional 915 shares during the period. Finally, Cinctive Capital Management LP purchased a new stake in Wolfspeed during the fourth quarter valued at about $176,000.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on WOLF shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research note on Wednesday, June 24th. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $20.00.

Wolfspeed Stock Performance

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

Wolfspeed (NYSE:WOLF) last issued its earnings results on Tuesday, May 5th. The company reported ($3.26) EPS for the quarter, topping the consensus estimate of ($3.78) by $0.52. The company had revenue of $150.20 million during the quarter, compared to the consensus estimate of $150.00 million. The firm’s revenue for the quarter was down 19.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.72) EPS.

About Wolfspeed

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.