Wolfspeed (NYSE:WOLF) Shares Gap Up – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $69.89, but opened at $77.78. Wolfspeed shares last traded at $75.24, with a volume of 2,827,300 shares changing hands.

Analyst Ratings Changes

Several research firms have recently commented on WOLF. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Piper Sandler restated an “overweight” rating and issued a $20.00 price target (up from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th. Finally, Zacks Research upgraded shares of Wolfspeed to a “hold” rating in a report on Monday, February 9th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $20.00.

Wolfspeed Trading Up 3.6%

The company has a market capitalization of $3.17 billion and a PE ratio of -6.20. The business’s 50-day simple moving average is $34.08 and its 200-day simple moving average is $24.09.

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

Hedge Funds Weigh In On Wolfspeed

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Camden Asset Management L P CA purchased a new stake in Wolfspeed during the 3rd quarter worth approximately $9,452,000. Calamos Advisors LLC purchased a new stake in Wolfspeed during the 4th quarter worth approximately $12,451,000. Caitong International Asset Management Co. Ltd purchased a new stake in Wolfspeed during the 3rd quarter worth approximately $8,560,000. Silverback Asset Management LLC purchased a new stake in Wolfspeed during the 3rd quarter worth approximately $8,191,000. Finally, Capital Research Global Investors purchased a new stake in Wolfspeed during the 3rd quarter worth approximately $79,426,000.

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.