Wolfspeed (NYSE:WOLF) Shares Gap Up - Here's Why

Key Points

• Wolfspeed shares have experienced a notable gap up, opening at $3.17 after a previous close of $2.96, with the most recent trading price at $3.42 on a volume of nearly 35 million shares.
• Institutional investors have increased their holdings significantly, with Gotham Asset Management boosting its stake by 102.8% in the latest quarter.
• The company operates in the semiconductor sector, focusing on silicon carbide and gallium nitride technologies, with international operations across several key regions.

Wolfspeed (NYSE:WOLF - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $2.96, but opened at $3.17. Wolfspeed shares last traded at $3.42, with a volume of 34,966,770 shares trading hands.

Wolfspeed Stock Down 10.2%

The company has a current ratio of 0.36, a quick ratio of 0.30 and a debt-to-equity ratio of 30.65. The stock has a market capitalization of $345.80 million, a P/E ratio of -0.20 and a beta of 1.29. The stock's 50 day simple moving average is $1.57 and its 200 day simple moving average is $2.38.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in WOLF. Voloridge Investment Management LLC boosted its stake in Wolfspeed by 0.7% during the 4th quarter. Voloridge Investment Management LLC now owns 1,915,695 shares of the company's stock valued at $12,759,000 after acquiring an additional 12,660 shares during the last quarter. PharVision Advisers LLC bought a new position in shares of Wolfspeed in the 4th quarter worth about $72,000. American Trust bought a new position in shares of Wolfspeed in the 4th quarter worth about $68,000. GAMMA Investing LLC lifted its position in shares of Wolfspeed by 593.7% in the 1st quarter. GAMMA Investing LLC now owns 52,503 shares of the company's stock worth $161,000 after buying an additional 44,934 shares during the last quarter. Finally, Rhumbline Advisers lifted its position in shares of Wolfspeed by 10.8% in the 1st quarter. Rhumbline Advisers now owns 342,505 shares of the company's stock worth $1,048,000 after buying an additional 33,361 shares during the last quarter.

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.