Wolfspeed (NYSE:WOLF) Trading Up 14.1% – What’s Next?

Wolfspeed, Inc. (NYSE:WOLF) shares traded up 14.1% during trading on Thursday . The stock traded as high as $28.66 and last traded at $28.7520. 1,365,946 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 4,440,097 shares. The stock had previously closed at $25.19.

Wall Street Analyst Weigh In

WOLF has been the topic of several research reports. Wall Street Zen lowered Wolfspeed from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 1st. Susquehanna decreased their price objective on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Tuesday, July 21st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research note on Wednesday, June 24th. 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 company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $25.00.

Wolfspeed Stock Performance

The stock has a market capitalization of $1.47 billion and a price-to-earnings ratio of -2.67. The business’s 50 day simple moving average is $41.03 and its 200-day simple moving average is $31.83.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($3.26) EPS for the quarter, beating the consensus estimate of ($3.78) by $0.52. The firm had revenue of $150.20 million during the quarter, compared to analyst estimates of $150.00 million. Wolfspeed’s revenue for the quarter was down 19.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.72) EPS.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Canada Pension Plan Investment Board acquired a new position in shares of Wolfspeed during the second quarter valued at $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Wolfspeed during the second quarter valued at about $34,000. Summit Securities Group LLC lifted its holdings in Wolfspeed by 71.0% in 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 period. Marex Group plc acquired a new stake in Wolfspeed in the second quarter worth about $44,000. Finally, WINTON GROUP Ltd acquired a new stake in Wolfspeed in the second quarter worth about $47,000.

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.