Caitong International Asset Management Co. Ltd Increases Position in Wolfspeed (NYSE:WOLF)

Key Points

• Caitong International Asset Management Co. Ltd increased its stake in Wolfspeed (NYSE:WOLF) by 1,067.6%, owning 297,623 shares after purchasing 272,132 additional shares.
• Several hedge funds, including N.E.W. Advisory Services LLC and Beacon Capital Management LLC, have also acquired new positions, reflecting growing institutional interest in Wolfspeed.
• Analysts have given mixed ratings on Wolfspeed, with a consensus rating of "Hold" and an average price target of $10.58, while some firms have downgraded their ratings significantly.

Caitong International Asset Management Co. Ltd boosted its position in Wolfspeed (NYSE:WOLF - Free Report) by 1,067.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 297,623 shares of the company's stock after purchasing an additional 272,132 shares during the period. Wolfspeed comprises approximately 0.7% of Caitong International Asset Management Co. Ltd's portfolio, making the stock its 20th biggest holding. Caitong International Asset Management Co. Ltd owned 0.23% of Wolfspeed worth $911,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of WOLF. N.E.W. Advisory Services LLC acquired a new stake in shares of Wolfspeed in the first quarter valued at about $28,000. Beacon Capital Management LLC acquired a new position in Wolfspeed during the 1st quarter worth approximately $31,000. Wealthfront Advisers LLC acquired a new position in shares of Wolfspeed in the 1st quarter valued at $32,000. SBI Securities Co. Ltd. raised its position in Wolfspeed by 39.7% in the 1st quarter. SBI Securities Co. Ltd. now owns 15,592 shares of the company's stock valued at $48,000 after purchasing an additional 4,429 shares during the last quarter. Finally, Sterling Capital Management LLC grew its stake in shares of Wolfspeed by 51.4% during the 4th quarter. Sterling Capital Management LLC now owns 7,463 shares of the company's stock worth $50,000 after purchasing an additional 2,533 shares during the period.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on WOLF. JPMorgan Chase & Co. reissued an "underweight" rating on shares of Wolfspeed in a research report on Friday, May 9th. Citigroup reiterated a "sell" rating and set a $3.00 price target (down from $7.00) on shares of Wolfspeed in a report on Friday, May 9th. Finally, Piper Sandler dropped their price objective on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. Five investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Wolfspeed has a consensus rating of "Hold" and an average price target of $10.58.

Wolfspeed Trading Down 1.4%

Shares of Wolfspeed stock opened at $1.40 on Wednesday. Wolfspeed has a 52-week low of $0.39 and a 52-week high of $17.45. The firm has a 50-day moving average of $1.34 and a 200-day moving average of $3.20. 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 cap of $217.87 million, a PE ratio of -0.17 and a beta of 1.23.

Wolfspeed Profile

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.

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