Wolfspeed (NYSE:WOLF) Trading 6.4% Higher – Still a Buy?

Wolfspeed, Inc. (NYSE:WOLF) shares shot up 6.4% during mid-day trading on Wednesday . The company traded as high as $17.32 and last traded at $17.6370. 259,376 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 1,708,651 shares. The stock had previously closed at $16.58.

Wall Street Analyst Weigh In

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

Wolfspeed Trading Down 0.4%

The firm has a market capitalization of $761.75 million and a P/E ratio of -2.40. The business’s 50 day simple moving average is $18.42 and its two-hundred day simple moving average is $17.64.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings results on Wednesday, January 28th. The company reported ($6.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.74) by ($5.37). The business’s revenue was down 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.95) EPS. Analysts predict that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Canada Pension Plan Investment Board purchased a new stake in shares of Wolfspeed during the second quarter valued at $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Wolfspeed in the 2nd quarter worth about $34,000. Summit Securities Group LLC lifted its stake 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 acquiring an additional 915 shares during the period. Marex Group plc bought a new position in Wolfspeed during the 2nd quarter valued at about $44,000. Finally, Panagora Asset Management Inc. boosted its holdings in shares of Wolfspeed by 709.4% during the 2nd quarter. Panagora Asset Management Inc. now owns 113,800 shares of the company’s stock valued at $45,000 after acquiring an additional 99,740 shares during the last quarter.

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.