Wolfspeed (NYSE:WOLF) Shares Up 6.2% – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF)’s share price was up 6.2% during trading on Wednesday . The company traded as high as $26.67 and last traded at $26.8680. Approximately 479,668 shares changed hands during trading, a decline of 89% from the average daily volume of 4,457,632 shares. The stock had previously closed at $25.29.

Wall Street Analyst Weigh In

WOLF has been the topic of several research analyst reports. Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday. Weiss Ratings raised Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a research note on Monday. TD Cowen reissued a “hold” rating and issued a $25.00 target price on shares of Wolfspeed in a report on Thursday, August 20th. Finally, Susquehanna reduced their price target on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 21st. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $25.00.

Wolfspeed Price Performance

The firm’s fifty day moving average price is $34.22 and its 200-day moving average price is $32.95. The company has a market capitalization of $1.45 billion and a price-to-earnings ratio of -1.73.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, August 19th. The company reported ($2.26) EPS for the quarter, beating analysts’ consensus estimates of ($2.45) by $0.19. The firm had revenue of $149.60 million during the quarter, compared to the consensus estimate of $150.00 million. During the same quarter in the previous year, the company posted ($0.77) earnings per share. The firm’s revenue was down 24.1% on a year-over-year basis.

Institutional Trading of Wolfspeed

Hedge funds have recently made changes to their positions in the company. Summit Securities Group LLC grew its holdings in shares of Wolfspeed by 71.0% during the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after purchasing an additional 915 shares during the last quarter. FNY Investment Advisers LLC bought a new position in Wolfspeed in the 2nd quarter valued at approximately $204,000. AXQ Capital LP acquired a new stake in Wolfspeed during the 2nd quarter worth approximately $208,000. Concurrent Investment Advisors LLC acquired a new stake in Wolfspeed during the 2nd quarter worth approximately $229,000. Finally, Royal Bank of Canada bought a new stake in Wolfspeed during the 1st quarter worth approximately $89,000.

Wolfspeed Company Profile

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.