Wolfspeed (NYSE:WOLF) Shares Up 6.4% – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF)’s share price shot up 6.4% during mid-day trading on Tuesday . The company traded as high as $18.88 and last traded at $18.8750. 571,014 shares were traded during trading, a decline of 67% from the average session volume of 1,722,237 shares. The stock had previously closed at $17.74.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on WOLF shares. Wall Street Zen cut shares of Wolfspeed from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research report on Monday, December 29th. Zacks Research upgraded Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Finally, Susquehanna dropped their target price on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a report on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Wolfspeed presently has an average rating of “Reduce” and a consensus price target of $12.75.

Wolfspeed Price Performance

The company has a 50-day simple moving average of $18.07 and a 200-day simple moving average of $15.80. The firm has a market cap of $860.50 million and a PE ratio of -2.71.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, February 4th. The company reported ($6.11) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($5.37). The firm had revenue of $168.50 million during the quarter, compared to analysts’ expectations of $170.00 million. During the same quarter last year, the firm posted ($0.95) EPS. The business’s revenue for the quarter was down 6.6% on a year-over-year basis. As a group, equities research analysts predict that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Yaupon Capital Management LP bought a new position in Wolfspeed in the 4th quarter worth about $7,834,000. Summit Securities Group LLC raised its stake 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 valued at $38,000 after acquiring an additional 915 shares in the last quarter. Cinctive Capital Management LP purchased a new stake in shares of Wolfspeed in the fourth quarter valued at approximately $176,000. Ardsley Advisory Partners LP bought a new position in Wolfspeed in the fourth quarter worth approximately $2,873,000. Finally, Renesas Electronics America Inc. bought a new position in Wolfspeed in the fourth quarter worth approximately $293,400,000.

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.