Wolfspeed (NYSE:WOLF) Trading Up 5.8% – What’s Next?

Wolfspeed, Inc. (NYSE:WOLF) shares shot up 5.8% during mid-day trading on Friday . The company traded as high as $27.17 and last traded at $26.6270. 244,213 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 4,337,603 shares. The stock had previously closed at $25.17.

Analysts Set New Price Targets

A number of brokerages have recently commented on WOLF. TD Cowen restated a “hold” rating and set a $25.00 target price on shares of Wolfspeed in a report on Thursday, August 20th. Susquehanna lowered their price target on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, July 21st. Weiss Ratings upgraded shares of Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a report on Monday, August 24th. Finally, Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 22nd. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Wolfspeed presently has an average rating of “Hold” and a consensus price target of $25.00.

Wolfspeed Stock Up 4.7%

The firm’s fifty day simple moving average is $29.08 and its 200-day simple moving average is $33.77. The firm has a market capitalization of $1.40 billion and a PE ratio of -1.68.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings results on Wednesday, August 19th. The company reported ($2.26) EPS for the quarter, beating analysts’ consensus estimates of ($2.45) by $0.19. The firm had revenue of $149.60 million for the quarter, compared to analysts’ expectations of $150.00 million. During the same quarter in the previous year, the company earned ($0.77) EPS. The company’s quarterly revenue was down 24.1% compared to the same quarter last year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. WINTON GROUP Ltd purchased a new stake in shares of Wolfspeed during the second quarter valued at $299,000. Engineers Gate Manager LP bought a new position in Wolfspeed during the 2nd quarter valued at about $347,000. Arizona State Retirement System purchased a new stake in shares of Wolfspeed during the 2nd quarter valued at about $360,000. California State Teachers Retirement System bought a new stake in shares of Wolfspeed in the second quarter worth approximately $72,081,000. Finally, Readystate Asset Management LP purchased a new position in shares of Wolfspeed during the second quarter valued at approximately $6,841,000.

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.