Wolfspeed (NYSE:WOLF) Shares Gap Up – Still a Buy?

Wolfspeed, Inc. (NYSE:WOLF) gapped up prior to trading on Monday . The stock had previously closed at $25.59, but opened at $27.00. Wolfspeed shares last traded at $26.86, with a volume of 419,621 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on WOLF shares. Weiss Ratings upgraded shares of Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a report on Monday, August 24th. Susquehanna lowered their price objective on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 21st. Wall Street Zen cut Wolfspeed from a “sell” rating to a “strong sell” rating in a research report on Saturday. Finally, TD Cowen reiterated a “hold” rating and set a $25.00 target price on shares of Wolfspeed in a research note on Thursday, August 20th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $25.00.

Wolfspeed Stock Performance

The firm has a market cap of $1.49 billion and a PE ratio of -1.79. The stock has a 50-day simple moving average of $27.54 and a two-hundred day simple moving average of $33.96.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, August 19th. The company reported ($2.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.45) by $0.19. The company had revenue of $149.60 million for the quarter, compared to analysts’ expectations of $150.00 million. During the same period in the previous year, the business earned ($0.77) EPS. The business’s revenue was down 24.1% compared to the same quarter last year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in WOLF. FNY Investment Advisers LLC bought a new position in shares of Wolfspeed during the 2nd quarter valued at approximately $204,000. AXQ Capital LP bought a new stake in Wolfspeed during the 2nd quarter worth approximately $208,000. Concurrent Investment Advisors LLC purchased a new position in Wolfspeed during the second quarter valued at approximately $229,000. Royal Bank of Canada bought a new position in shares of Wolfspeed in the first quarter worth approximately $89,000. Finally, WINTON GROUP Ltd purchased a new stake in shares of Wolfspeed in the second quarter worth $299,000.

Wolfspeed Company Profile

Wolfspeed, Inc is a semiconductor company focused on silicon carbide and gallium nitride technologies. The company develops and manufactures power semiconductors, materials and related components designed to improve energy efficiency and performance in high-power electrical systems.

Its product portfolio includes silicon carbide materials, discrete power devices, power modules and radio-frequency products. These products serve applications such as electric vehicles, charging infrastructure, renewable energy systems, industrial equipment, telecommunications, aerospace and defense.

Wolfspeed was formerly known as Cree, Inc, which was founded in 1987.