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

Wolfspeed, Inc. (NYSE:WOLF) shares reached a new 52-week high on Friday . The company traded as high as $75.90 and last traded at $75.0390, with a volume of 584074 shares traded. The stock had previously closed at $69.50.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on WOLF shares. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Zacks Research upgraded Wolfspeed to a “hold” rating in a report on Monday, February 9th. Susquehanna dropped their price target on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, January 22nd. Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 price target (up from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $20.00.

Wolfspeed Trading Up 10.1%

The firm has a market cap of $3.70 billion and a price-to-earnings ratio of -7.26. The stock’s fifty day moving average price is $29.97 and its 200-day moving average price is $22.74.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) EPS for the quarter, beating analysts’ consensus estimates of ($3.78) by $0.52. The business had revenue of $150.20 million during the quarter, compared to analyst estimates of $150.00 million. The company’s revenue was down 19.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.72) earnings per share.

Hedge Funds Weigh In On Wolfspeed

Several large investors have recently modified their holdings of WOLF. Goldman Sachs Group Inc. grew its holdings in shares of Wolfspeed by 176.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after purchasing an additional 881,603 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Wolfspeed by 94.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock valued at $5,718,000 after buying an additional 906,968 shares during the period. WINTON GROUP Ltd acquired a new position in Wolfspeed in the second quarter valued at about $47,000. Ilex Capital Partners UK LLP lifted its position in Wolfspeed by 499.1% in the second quarter. Ilex Capital Partners UK LLP now owns 665,697 shares of the company’s stock valued at $265,000 after buying an additional 554,587 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Wolfspeed during the second quarter worth about $34,000.

About Wolfspeed

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.