Wolfspeed (NYSE:WOLF) Stock Price Up 7.2% – Still a Buy?

Wolfspeed, Inc. (NYSE:WOLF) traded up 7.2% on Wednesday . The stock traded as high as $36.90 and last traded at $36.7680. Approximately 515,296 shares traded hands during trading, a decline of 88% from the average daily volume of 4,443,301 shares. The stock had previously closed at $34.31.

Analysts Set New Price Targets

WOLF has been the topic of several research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday, June 24th. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. One equities 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 company’s stock. According to MarketBeat, Wolfspeed presently has a consensus rating of “Hold” and a consensus target price of $20.00.

Wolfspeed Price Performance

The company has a market capitalization of $1.77 billion and a P/E ratio of -3.23. The firm has a fifty day moving average price of $51.68 and a 200-day moving average price of $30.93.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.78) by $0.52. The firm had revenue of $150.20 million during the quarter, compared to the consensus estimate of $150.00 million. The company’s revenue was down 19.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.72) earnings per share.

Institutional Investors Weigh In On Wolfspeed

Hedge funds have recently made changes to their positions in the business. Summit Securities Group LLC grew its position 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 purchasing an additional 915 shares during the last quarter. Eastern Bank bought a new position in shares of Wolfspeed in the 4th quarter valued at about $46,000. FNY Investment Advisers LLC purchased a new position in shares of Wolfspeed during the second quarter valued at approximately $204,000. Royal Bank of Canada purchased a new stake in Wolfspeed in the first quarter worth $89,000. Finally, Next Level Private LLC purchased a new stake in shares of Wolfspeed in the 2nd quarter worth approximately $434,000.

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.