Wolfspeed (NYSE:WOLF) Trading Up 11.7% – Time to Buy?

Wolfspeed, Inc. (NYSE:WOLF) was up 11.7% on Monday . The stock traded as high as $21.75 and last traded at $22.0360. Approximately 1,147,193 shares were traded during trading, a decline of 32% from the average daily volume of 1,678,883 shares. The stock had previously closed at $19.72.

Analysts Set New Price Targets

A number of brokerages have commented on WOLF. Piper Sandler restated an “overweight” rating and set a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. Zacks Research upgraded shares of Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Wall Street Zen lowered Wolfspeed from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Susquehanna cut their target price on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday, January 22nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Wolfspeed currently has a consensus rating of “Reduce” and a consensus price target of $12.75.

Wolfspeed Stock Performance

The firm has a market cap of $928.40 million and a price-to-earnings ratio of -2.92. The business has a fifty day moving average of $18.38 and a two-hundred day moving average of $17.05.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, February 4th. The company reported ($6.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.74) by ($5.37). The business had revenue of $168.50 million during the quarter, compared to the consensus estimate of $170.00 million. During the same quarter last year, the firm posted ($0.95) EPS. The business’s quarterly revenue was down 6.6% compared to the same quarter last year. On average, equities research analysts forecast that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Institutional Trading of Wolfspeed

Several institutional investors and hedge funds have recently modified their holdings of the business. Canada Pension Plan Investment Board acquired a new stake in shares of Wolfspeed in the second quarter valued at approximately $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Wolfspeed during the 2nd quarter valued at $34,000. Summit Securities Group LLC grew its holdings in Wolfspeed by 71.0% during 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 during the last quarter. Marex Group plc purchased a new position in Wolfspeed during the second quarter worth $44,000. Finally, Panagora Asset Management Inc. raised its holdings in shares of Wolfspeed by 709.4% in the second quarter. Panagora Asset Management Inc. now owns 113,800 shares of the company’s stock worth $45,000 after acquiring an additional 99,740 shares during 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.