Wolfspeed (NYSE:WOLF) Shares Gap Up – Should You Buy?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $58.83, but opened at $62.44. Wolfspeed shares last traded at $55.1460, with a volume of 1,456,874 shares.

Wall Street Analyst Weigh In

WOLF has been the subject of several analyst reports. 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 research report on Friday, March 27th. Piper Sandler reissued an “overweight” rating and issued a $20.00 target price (up from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Zacks Research raised Wolfspeed to a “hold” rating in a report on Monday, February 9th. Finally, Susquehanna reduced their target price on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a report on Thursday, January 22nd. 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, the company currently has an average rating of “Hold” and a consensus target price of $20.00.

Wolfspeed Trading Down 3.0%

The firm has a market capitalization of $2.76 billion and a PE ratio of -5.37. The business has a 50 day moving average price of $28.10 and a 200-day moving average price of $22.20.

Wolfspeed (NYSE:WOLF) last issued its earnings results 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 for the quarter, compared to analysts’ expectations of $150.00 million. The business’s quarterly revenue was down 19.0% on a year-over-year basis. During the same period last year, the company posted ($0.72) earnings per share.

Hedge Funds Weigh In On Wolfspeed

Large investors have recently modified their holdings of the business. Andar Capital Management HK Ltd purchased a new position in shares of Wolfspeed during the 3rd quarter worth approximately $48,000. Summit Securities Group LLC grew its holdings 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 worth $38,000 after acquiring an additional 915 shares during the period. Eastern Bank acquired a new stake in shares of Wolfspeed in the 4th quarter worth approximately $46,000. Royal Bank of Canada acquired a new stake in shares of Wolfspeed in the 1st quarter worth approximately $89,000. Finally, Cinctive Capital Management LP acquired a new stake in shares of Wolfspeed in the 4th quarter worth approximately $176,000.

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.