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

Wolfspeed, Inc. (NYSE:WOLF)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $33.65, but opened at $35.90. Wolfspeed shares last traded at $33.8580, with a volume of 579,905 shares traded.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on WOLF. Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $20.00.

Wolfspeed Trading Up 2.1%

The firm’s fifty day moving average price is $51.52 and its 200-day moving average price is $31.05. The company has a market cap of $1.82 billion and a P/E ratio of -3.32.

Wolfspeed (NYSE:WOLF) last released its earnings results 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 firm had revenue of $150.20 million for the quarter, compared to analyst estimates of $150.00 million. During the same period last year, the business earned ($0.72) earnings per share. The firm’s quarterly revenue was down 19.0% compared to the same quarter last year.

Institutional Trading of Wolfspeed

A number of institutional investors and hedge funds have recently modified their holdings of the company. Canada Pension Plan Investment Board bought a new position in Wolfspeed in the second quarter worth $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Wolfspeed in the 2nd quarter valued at $34,000. Summit Securities Group LLC raised its stake in shares of Wolfspeed by 71.0% in the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after buying an additional 915 shares in the last quarter. Marex Group plc bought a new position in shares of Wolfspeed during the 2nd quarter worth about $44,000. Finally, Eastern Bank acquired a new stake in shares of Wolfspeed during the 4th quarter valued at about $46,000.

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.