Wolfspeed (NYSE:WOLF) Shares Up 6.3% – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF)’s share price was up 6.3% during trading on Tuesday . The company traded as high as $20.20 and last traded at $19.5750. Approximately 540,243 shares changed hands during mid-day trading, a decline of 30% from the average daily volume of 776,929 shares. The stock had previously closed at $18.42.

Analyst Ratings Changes

A number of analysts have recently weighed in on WOLF shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research note on Monday, December 29th. Susquehanna upped their price target on shares of Wolfspeed to $30.00 and gave the company a “neutral” rating in a report on Wednesday, October 22nd. Finally, Wall Street Zen raised shares of Wolfspeed to a “hold” rating in a research report on Saturday, November 22nd. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $10.50.

Wolfspeed Trading Up 2.2%

The stock’s fifty day moving average price is $19.03 and its 200 day moving average price is $12.97. The stock has a market cap of $515.73 million and a P/E ratio of -31.62.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, October 29th. The company reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.05. The company had revenue of $196.80 million for the quarter, compared to the consensus estimate of $195.37 million. As a group, sell-side analysts forecast that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently made changes to their positions in WOLF. DekaBank Deutsche Girozentrale purchased a new position in shares of Wolfspeed in the second quarter worth approximately $28,000. Caitlin John LLC purchased a new position in shares of Wolfspeed during the 2nd quarter worth $31,000. Canada Pension Plan Investment Board bought a new stake in shares of Wolfspeed during the 2nd quarter valued at $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Wolfspeed during the 2nd quarter valued at $34,000. Finally, State of Alaska Department of Revenue increased its stake in shares of Wolfspeed by 15.4% in the 2nd quarter. State of Alaska Department of Revenue now owns 99,465 shares of the company’s stock worth $38,000 after purchasing an additional 13,265 shares in 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.