Wolfspeed (NYSE:WOLF) Shares Gap Up – Here’s What Happened

Wolfspeed (NYSE:WOLF) gapped up prior to trading on Tuesday . The stock had previously closed at $22.10, but opened at $28.85. Wolfspeed shares last traded at $30.12, with a volume of 13,460,933 shares.

Wolfspeed Trading Up 42.1%

The firm has a market cap of $4.92 billion, a PE ratio of -2.84 and a beta of 1.29. The company has a quick ratio of 0.30, a current ratio of 0.36 and a debt-to-equity ratio of 30.65. The firm has a 50 day moving average of $2.02 and a 200 day moving average of $2.33.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew 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 valued at $57,876,000 after purchasing an additional 2,989,503 shares during the last quarter. Primecap Management Co. CA raised its holdings in Wolfspeed by 2.2% during the 1st quarter. Primecap Management Co. CA now owns 6,665,270 shares of the company’s stock valued at $20,396,000 after buying an additional 146,106 shares during the period. Neuberger Berman Group LLC increased its holdings 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 during the period. Two Seas Capital LP purchased a new position in Wolfspeed in the second quarter valued at about $962,000. Finally, Shah Capital Management purchased a new stake in shares of Wolfspeed during the first quarter valued at $6,586,000.

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.