Wolfspeed (NYSE:WOLF) Hits New 1-Year High – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $53.98 and last traded at $53.8170, with a volume of 12104304 shares. The stock had previously closed at $50.31.

Wall Street Analysts Forecast Growth

WOLF has been the topic of several recent analyst reports. Zacks Research raised Wolfspeed to a “hold” rating in a report on Monday, February 9th. Susquehanna decreased their price target on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, January 22nd. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. Finally, Piper Sandler restated an “overweight” rating and issued a $20.00 price target (up from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $20.00.

Wolfspeed Stock Up 7.0%

The stock has a market cap of $2.60 billion and a price-to-earnings ratio of -7.64. The company’s 50-day simple moving average is $23.77 and its 200-day simple moving average is $21.06.

Wolfspeed (NYSE:WOLF) last posted its quarterly 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 business had revenue of $150.20 million during the quarter, compared to analyst estimates of $150.00 million. The company’s quarterly revenue was down 19.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.72) EPS.

Hedge Funds Weigh In On Wolfspeed

Several institutional investors and hedge funds have recently added to or reduced their stakes in WOLF. Summit Securities Group LLC increased its stake in Wolfspeed by 71.0% in the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after purchasing an additional 915 shares in the last quarter. Andar Capital Management HK Ltd acquired a new stake in shares of Wolfspeed during the third quarter worth $48,000. Capital Investment Advisory Services LLC boosted its holdings in shares of Wolfspeed by 13.3% during the fourth quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock worth $264,000 after purchasing an additional 1,783 shares during the last quarter. Eastern Bank acquired a new stake in shares of Wolfspeed during the fourth quarter worth $46,000. Finally, Cinctive Capital Management LP acquired a new stake in shares of Wolfspeed during the fourth quarter worth $176,000.

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.