Shah Capital Management Invests $6.59 Million in Wolfspeed $WOLF

Shah Capital Management purchased a new position in Wolfspeed (NYSE:WOLF) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,152,225 shares of the company’s stock, valued at approximately $6,586,000. Wolfspeed comprises approximately 1.3% of Shah Capital Management’s portfolio, making the stock its 11th largest position. Shah Capital Management owned 1.69% of Wolfspeed as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Cladis Investment Advisory LLC acquired a new stake in shares of Wolfspeed in the first quarter worth approximately $49,000. Fox Run Management L.L.C. acquired a new stake in shares of Wolfspeed in the first quarter worth approximately $234,000. Neuberger Berman Group LLC boosted its stake in shares of Wolfspeed by 72.7% in the first quarter. Neuberger Berman Group LLC now owns 4,329,584 shares of the company’s stock worth $13,723,000 after acquiring an additional 1,822,958 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in shares of Wolfspeed by 1,067.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297,623 shares of the company’s stock worth $911,000 after acquiring an additional 272,132 shares during the last quarter. Finally, Bulltick Wealth Management LLC acquired a new stake in shares of Wolfspeed in the first quarter worth approximately $85,000.

Wolfspeed Stock Performance

NYSE:WOLF opened at $1.4030 on Wednesday. The company has a debt-to-equity ratio of 30.65, a quick ratio of 3.90 and a current ratio of 4.64. The stock has a market capitalization of $218.35 million, a P/E ratio of -0.17 and a beta of 1.23. The company has a 50 day moving average price of $1.33 and a 200 day moving average price of $3.03. Wolfspeed has a fifty-two week low of $0.3876 and a fifty-two week high of $17.4475.

Wall Street Analyst Weigh In

WOLF has been the topic of a number of recent research reports. Piper Sandler lowered their price objective on Wolfspeed from $10.00 to $6.00 and set an “overweight” rating on the stock in a research note on Friday, May 9th. JPMorgan Chase & Co. reissued an “underweight” rating on shares of Wolfspeed in a research note on Friday, May 9th. Finally, Citigroup reissued a “sell” rating and set a $3.00 price objective (down previously from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. Four investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $10.58.

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.