Wolfspeed (NYSE:WOLF) Sets New 52-Week High – Still a Buy?

Wolfspeed, Inc. (NYSE:WOLF)’s share price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $36.60 and last traded at $36.4790, with a volume of 4745592 shares. The stock had previously closed at $29.53.

Analysts Set New Price Targets

Several equities research analysts have issued reports on WOLF shares. Zacks Research raised shares of Wolfspeed to a “hold” rating in a research note on Monday, February 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th. Susquehanna cut their price objective on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday, January 22nd. Piper Sandler reiterated 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. Finally, Wall Street Zen lowered shares of Wolfspeed from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Wolfspeed presently has an average rating of “Reduce” and an average price target of $14.33.

Wolfspeed Stock Performance

The firm has a market capitalization of $1.66 billion and a PE ratio of -5.23. The company’s fifty day moving average price is $20.62 and its two-hundred day moving average price is $20.60.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, January 28th. The company reported ($6.11) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($5.37). Wolfspeed’s revenue was down 6.6% on a year-over-year basis. During the same period last year, the firm posted ($0.95) EPS.

Institutional Trading of Wolfspeed

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Renesas Electronics America Inc. acquired a new stake in Wolfspeed during the 4th quarter worth approximately $293,400,000. Capital Research Global Investors acquired a new stake in Wolfspeed during the 3rd quarter worth approximately $79,426,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Wolfspeed by 94.3% during the 1st 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 purchasing an additional 906,968 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Wolfspeed by 176.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after purchasing an additional 881,603 shares in the last quarter. Finally, UBS Group AG increased its position in Wolfspeed by 3,413.9% during the 4th quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock worth $22,103,000 after purchasing an additional 1,233,419 shares in the last quarter.

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.