Wolfspeed (NYSE:WOLF) Stock Price Down 11% - Here's What Happened

Key Points

• Shares of Wolfspeed (NYSE:WOLF) fell by 11%, trading as low as $25.74 during mid-day trading.
• The company experienced a significant decrease in trading volume, with approximately 4.35 million shares exchanged, marking an 89% drop from its average daily volume.
• After hedge funds increased their stakes, Vanguard Group Inc. now holds approximately 18.9 million shares, reflecting an 18.8% increase in the first quarter.

Shares of Wolfspeed (NYSE:WOLF - ) dropped 11% during mid-day trading on Wednesday . The company traded as low as $25.74 and last traded at $25.46. Approximately 4,353,160 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 39,241,758 shares. The stock had previously closed at $28.60.

Wolfspeed Trading Down 14.6%

The company has a debt-to-equity ratio of 30.65, a current ratio of 0.36 and a quick ratio of 0.30. The stock has a market capitalization of $3.82 billion, a P/E ratio of -2.16 and a beta of 1.29. The firm's 50 day moving average price is $2.57 and its 200 day moving average price is $2.51.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in WOLF. Vanguard Group Inc. raised its stake in Wolfspeed by 18.8% in the first quarter. Vanguard Group Inc. now owns 18,913,793 shares of the company's stock worth $57,876,000 after buying an additional 2,989,503 shares in the last quarter. Primecap Management Co. CA grew its holdings in shares of Wolfspeed by 2.2% during the 1st quarter. Primecap Management Co. CA now owns 6,665,270 shares of the company's stock worth $20,396,000 after acquiring an additional 146,106 shares during the period. Neuberger Berman Group LLC raised its position in shares of Wolfspeed by 72.7% in the 1st 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 in the last quarter. Two Seas Capital LP purchased a new position in shares of Wolfspeed in the 2nd quarter valued at approximately $962,000. Finally, Shah Capital Management bought a new stake in shares of Wolfspeed during the first quarter valued at approximately $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.

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