Wolfspeed (NYSE:WOLF) Trading Up 9.7% – Time to Buy?

Wolfspeed, Inc. (NYSE:WOLF) was up 9.7% during trading on Thursday . The stock traded as high as $66.45 and last traded at $67.6580. Approximately 3,332,246 shares changed hands during trading, a decline of 19% from the average daily volume of 4,128,656 shares. The stock had previously closed at $61.67.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on WOLF shares. Piper Sandler reaffirmed an “overweight” rating and set a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Zacks Research raised shares of Wolfspeed to a “hold” rating in a report on Monday, February 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Wolfspeed presently has an average rating of “Hold” and an average price target of $20.00.

Wolfspeed Stock Performance

The company has a market capitalization of $3.33 billion and a P/E ratio of -6.54. The business has a 50 day moving average of $38.38 and a 200-day moving average of $25.56.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.78) by $0.52. The firm had revenue of $150.20 million during the quarter, compared to analysts’ expectations of $150.00 million. The business’s revenue for the quarter was down 19.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.72) earnings per share.

Institutional Trading of Wolfspeed

Several institutional investors and hedge funds have recently modified their holdings of WOLF. Goldman Sachs Group Inc. raised its holdings in shares of Wolfspeed by 176.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after acquiring an additional 881,603 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Wolfspeed by 94.3% in the first 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 purchasing an additional 906,968 shares in the last quarter. WINTON GROUP Ltd purchased a new stake in Wolfspeed in the second quarter valued at approximately $47,000. Ilex Capital Partners UK LLP raised its stake 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 purchasing an additional 554,587 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Wolfspeed in the 2nd quarter worth approximately $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.