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

Wolfspeed, Inc. (NYSE:WOLF) shares gapped up before the market opened on Wednesday . The stock had previously closed at $61.06, but opened at $65.90. Wolfspeed shares last traded at $61.98, with a volume of 1,940,845 shares.

Analyst Ratings Changes

Several analysts recently commented on WOLF shares. Zacks Research upgraded shares of Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, Piper Sandler reiterated an “overweight” rating and set a $20.00 target price (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $20.00.

Wolfspeed Trading Up 6.3%

The company has a market capitalization of $3.14 billion and a PE ratio of -6.15. The firm has a 50 day simple moving average of $36.60 and a two-hundred day simple moving average of $24.96.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share for the quarter, topping the consensus estimate of ($3.78) by $0.52. The company had revenue of $150.20 million for the quarter, compared to analyst estimates of $150.00 million. During the same period in the prior year, the business earned ($0.72) earnings per share. Wolfspeed’s revenue for the quarter was down 19.0% compared to the same quarter last year.

Institutional Trading of Wolfspeed

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Summit Securities Group LLC boosted its holdings in shares of Wolfspeed by 71.0% in the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after acquiring an additional 915 shares in the last quarter. Andar Capital Management HK Ltd purchased a new position in Wolfspeed during the third quarter worth about $48,000. Capital Investment Advisory Services LLC lifted its position in Wolfspeed by 13.3% in the fourth quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock valued at $264,000 after purchasing an additional 1,783 shares during the period. Eastern Bank acquired a new stake in Wolfspeed in the fourth quarter valued at about $46,000. Finally, Royal Bank of Canada purchased a new stake in Wolfspeed in the 1st quarter valued at approximately $89,000.

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.