Wolfspeed (NYSE:WOLF) Trading 9.2% Higher – Still a Buy?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price traded up 9.2% on Wednesday . The stock traded as high as $49.47 and last traded at $49.1450. 1,611,566 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 4,359,522 shares. The stock had previously closed at $45.00.

Analyst Ratings Changes

Several equities analysts have commented on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Wolfspeed has an average rating of “Hold” and an average target price of $20.00.

Wolfspeed Price Performance

The firm has a market cap of $2.70 billion and a PE ratio of -4.96. The firm has a 50-day simple moving average of $44.46 and a 200 day simple moving average of $27.60.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $150.00 million. The business’s quarterly revenue was down 19.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.72) EPS.

Hedge Funds Weigh In On Wolfspeed

Several large investors have recently modified their holdings of the stock. Renesas Electronics America Inc. purchased a new position in shares of Wolfspeed in the 4th quarter worth about $293,400,000. Capital Research Global Investors purchased a new position in shares of Wolfspeed in the 3rd quarter worth about $79,426,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Wolfspeed by 94.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock worth $5,718,000 after purchasing an additional 906,968 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Wolfspeed by 176.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after purchasing an additional 881,603 shares during the last quarter. Finally, UBS Group AG raised its position in shares of Wolfspeed by 3,413.9% in the 4th quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock worth $22,103,000 after purchasing an additional 1,233,419 shares during the last quarter.

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.