Wolfspeed (NYSE:WOLF) Shares Gap Up – Time to Buy?

Wolfspeed, Inc. (NYSE:WOLF)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $30.14, but opened at $32.87. Wolfspeed shares last traded at $31.6180, with a volume of 578,257 shares traded.

Analyst Ratings Changes

A number of equities research analysts have commented on WOLF shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday, June 24th. Wall Street Zen cut Wolfspeed from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. Finally, Susquehanna lowered their price objective on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and a consensus price target of $25.00.

Wolfspeed Price Performance

The stock has a market cap of $1.63 billion and a price-to-earnings ratio of -2.97. The stock’s 50-day moving average is $38.66 and its 200 day moving average is $32.11.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors have recently bought and sold shares of WOLF. Renesas Electronics America Inc. acquired a new position in shares of Wolfspeed during the second quarter worth about $813,126,949,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of 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 worth $5,718,000 after buying an additional 906,968 shares during the last quarter. Goldman Sachs Group Inc. raised its stake 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 purchasing an additional 881,603 shares in the last quarter. UBS Group AG raised its stake in Wolfspeed by 3,413.9% during the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock valued at $22,103,000 after buying an additional 1,233,419 shares in the last quarter. Finally, Calamos Advisors LLC acquired a new position in Wolfspeed in the fourth quarter worth $12,451,000.

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.