Wolfspeed (NYSE:WOLF) Shares Gap Up – Should You Buy?

Shares of Wolfspeed, Inc. (NYSE:WOLF) gapped up before the market opened on Monday . The stock had previously closed at $25.59, but opened at $27.00. Wolfspeed shares last traded at $26.86, with a volume of 419,621 shares trading hands.

Analysts Set New Price Targets

WOLF has been the subject of several research analyst reports. Wall Street Zen downgraded Wolfspeed from a “sell” rating to a “strong sell” rating in a report on Saturday. Weiss Ratings raised Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a report on Monday, August 24th. Susquehanna lowered their price target on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday, July 21st. Finally, TD Cowen reaffirmed a “hold” rating and issued a $25.00 price objective on shares of Wolfspeed in a research note on Thursday, August 20th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $25.00.

Wolfspeed Price Performance

The company has a market cap of $1.48 billion and a PE ratio of -1.77. The company has a 50-day moving average of $27.30 and a 200 day moving average of $34.06.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, August 19th. The company reported ($2.26) earnings per share for the quarter, beating the consensus estimate of ($2.45) by $0.19. The company 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 posted ($0.77) EPS. The business’s quarterly revenue was down 24.1% on a year-over-year basis.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently modified their holdings of the business. WINTON GROUP Ltd bought a new stake in shares of Wolfspeed during the 2nd quarter worth approximately $299,000. Engineers Gate Manager LP purchased a new stake in Wolfspeed in the second quarter worth $347,000. Arizona State Retirement System purchased a new stake in Wolfspeed in the second quarter worth $360,000. Readystate Asset Management LP bought a new stake in shares of Wolfspeed during the second quarter worth $6,841,000. Finally, Concurrent Investment Advisors LLC bought a new stake in shares of Wolfspeed during the second quarter worth $229,000.

Wolfspeed Company Profile

Wolfspeed, Inc is a semiconductor company focused on silicon carbide and gallium nitride technologies. The company develops and manufactures power semiconductors, materials and related components designed to improve energy efficiency and performance in high-power electrical systems.

Its product portfolio includes silicon carbide materials, discrete power devices, power modules and radio-frequency products. These products serve applications such as electric vehicles, charging infrastructure, renewable energy systems, industrial equipment, telecommunications, aerospace and defense.

Wolfspeed was formerly known as Cree, Inc, which was founded in 1987.