Wolfspeed (NYSE:WOLF) Sets New 1-Year High – What’s Next?

Shares of Wolfspeed (NYSE:WOLF) hit a new 52-week high on Monday . The stock traded as high as $19.80 and last traded at $10.18, with a volume of 863914 shares trading hands. The stock had previously closed at $1.21.

Wolfspeed Stock Up 1,137.2%

The firm’s 50 day moving average is $1.61 and its two-hundred day moving average is $2.22. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of -1.33 and a beta of 1.29. The company has a current ratio of 0.36, a quick ratio of 0.30 and a debt-to-equity ratio of 30.65.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Wolfspeed by 18.8% during the 1st quarter. Vanguard Group Inc. now owns 18,913,793 shares of the company’s stock worth $57,876,000 after purchasing an additional 2,989,503 shares in the last quarter. Two Seas Capital LP acquired a new stake in Wolfspeed during the 2nd quarter worth approximately $962,000. Shah Capital Management acquired a new stake in Wolfspeed during the 1st quarter worth approximately $6,586,000. Neuberger Berman Group LLC increased its position in Wolfspeed by 72.7% during 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. Finally, Jump Financial LLC acquired a new stake in Wolfspeed during the 1st quarter worth approximately $4,402,000.

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.