Wolfspeed (NYSE:WOLF) Stock Price Up 6.3% – Should You Buy?

Wolfspeed, Inc. (NYSE:WOLF)’s share price was up 6.3% during trading on Monday . The stock traded as high as $34.10 and last traded at $33.7990. 1,331,909 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 4,429,074 shares. The stock had previously closed at $31.79.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on WOLF. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. Susquehanna cut their target price on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, July 21st. Finally, Wall Street Zen downgraded shares of Wolfspeed from a “sell” rating to a “strong sell” rating in a report on Saturday, August 1st. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $25.00.

Wolfspeed Price Performance

The firm has a 50-day simple moving average of $36.12 and a two-hundred day simple moving average of $32.61. The company has a market cap of $1.63 billion and a PE ratio of -2.98.

Institutional Trading of Wolfspeed

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WOLF. Canada Pension Plan Investment Board acquired a new position in Wolfspeed in the 2nd quarter valued at about $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Wolfspeed during the 2nd quarter worth about $34,000. Summit Securities Group LLC boosted its stake in shares of Wolfspeed by 71.0% during the 4th 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 last quarter. Marex Group plc purchased a new stake in shares of Wolfspeed during the second quarter worth about $44,000. Finally, WINTON GROUP Ltd purchased a new stake in shares of Wolfspeed during the second quarter worth about $47,000.

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.