Wolfspeed (NYSE:WOLF) Shares Up 9.2% – Still a Buy?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price rose 9.2% on Tuesday . The company traded as high as $48.40 and last traded at $48.3090. Approximately 620,910 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 4,488,341 shares. The stock had previously closed at $44.24.

Analyst Ratings Changes

WOLF has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. One 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. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $20.00.

Wolfspeed Stock Performance

The company’s 50-day moving average price is $49.37 and its 200 day moving average price is $29.37. The stock has a market cap of $2.57 billion and a PE ratio of -4.69.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) 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 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 previous year, the business posted ($0.72) EPS.

Institutional Investors Weigh In On Wolfspeed

A number of hedge funds have recently modified their holdings of the business. Royal Bank of Canada bought a new stake in Wolfspeed during the first quarter valued at about $89,000. Lazard Asset Management LLC bought a new position in shares of Wolfspeed in the first quarter worth about $1,796,000. Sei Investments Co. purchased a new position in shares of Wolfspeed during the 1st quarter valued at about $494,000. First Trust Advisors LP lifted its position in shares of Wolfspeed by 60.6% during the 1st quarter. First Trust Advisors LP now owns 98,874 shares of the company’s stock valued at $1,614,000 after buying an additional 37,313 shares in the last quarter. Finally, Shah Capital Management grew its stake in shares of Wolfspeed by 1,419.5% during the 1st quarter. Shah Capital Management now owns 508,948 shares of the company’s stock valued at $8,306,000 after acquiring an additional 475,454 shares during the period.

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.