Wolfspeed (NYSE:WOLF) Sets New 1-Year High – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF) shares hit a new 52-week high during trading on Friday . The company traded as high as $75.90 and last traded at $75.0390, with a volume of 584074 shares. The stock had previously closed at $69.50.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Susquehanna reduced their price target on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, January 22nd. Piper Sandler restated an “overweight” rating and issued a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. Zacks Research raised shares of Wolfspeed to a “hold” rating in a research note on Monday, February 9th. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Wolfspeed has a consensus rating of “Hold” and an average target price of $20.00.

Wolfspeed Trading Up 10.1%

The stock has a 50-day moving average price of $29.97 and a 200 day moving average price of $22.74. The stock has a market capitalization of $3.70 billion and a price-to-earnings ratio of -7.26.

Wolfspeed (NYSE:WOLF) last released its quarterly 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 business had revenue of $150.20 million during the quarter, compared to analyst estimates of $150.00 million. The business’s revenue for the quarter was down 19.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.72) EPS.

Hedge Funds Weigh In On Wolfspeed

A number of large investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. raised its holdings in shares of Wolfspeed by 176.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after acquiring an additional 881,603 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Wolfspeed by 94.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock valued at $5,718,000 after purchasing an additional 906,968 shares in the last quarter. WINTON GROUP Ltd acquired a new stake in Wolfspeed during the 2nd quarter worth $47,000. Ilex Capital Partners UK LLP grew its holdings in shares of Wolfspeed by 499.1% during the second quarter. Ilex Capital Partners UK LLP now owns 665,697 shares of the company’s stock worth $265,000 after buying an additional 554,587 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Wolfspeed during the second quarter worth $34,000.

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.