Wolfspeed (NYSE:WOLF) Stock Price Up 8.2% – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF) shares were up 8.2% during trading on Friday . The stock traded as high as $25.37 and last traded at $25.6760. 1,296,483 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 4,277,779 shares. The stock had previously closed at $23.74.

Analysts Set New Price Targets

WOLF has been the subject of a number of analyst reports. Susquehanna cut their price target on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Tuesday, July 21st. TD Cowen reissued a “hold” rating and set a $25.00 price objective on shares of Wolfspeed in a report on Thursday, August 20th. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 22nd. Finally, Weiss Ratings raised Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a report on Monday, August 24th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $25.00.

Wolfspeed Trading Up 8.2%

The stock has a market capitalization of $1.36 billion and a P/E ratio of -1.63. The stock’s fifty day moving average price is $27.73 and its two-hundred day moving average price is $33.92.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of WOLF. Renesas Electronics America Inc. purchased a new position in shares of Wolfspeed during the second quarter valued at approximately $813,126,949. Shah Capital Management boosted its holdings in Wolfspeed by 1,419.5% in the first quarter. Shah Capital Management now owns 508,948 shares of the company’s stock valued at $8,306,000 after acquiring an additional 475,454 shares in the last quarter. Panview Capital Ltd purchased a new position in Wolfspeed during the 2nd quarter valued at $6,952,000. Readystate Asset Management LP purchased a new position in Wolfspeed during the 2nd quarter valued at $6,841,000. Finally, SG Americas Securities LLC purchased a new position in Wolfspeed during the 1st quarter valued at $6,671,000.

About Wolfspeed

Wolfspeed, Inc is a semiconductor company focused on silicon carbide and gallium nitride technologies. The company develops and manufactures power semiconductors, materials and related components designed to improve energy efficiency and performance in high-power electrical systems.

Its product portfolio includes silicon carbide materials, discrete power devices, power modules and radio-frequency products. These products serve applications such as electric vehicles, charging infrastructure, renewable energy systems, industrial equipment, telecommunications, aerospace and defense.

Wolfspeed was formerly known as Cree, Inc, which was founded in 1987.