Wolfspeed (NYSE:WOLF) Shares Up 5.8% – Should You Buy?

Wolfspeed, Inc. (NYSE:WOLF) shares shot up 5.8% during trading on Thursday . The stock traded as high as $28.50 and last traded at $29.3560. 528,178 shares were traded during mid-day trading, a decline of 73% from the average session volume of 1,947,861 shares. The stock had previously closed at $27.75.

Wall Street Analyst Weigh In

Several brokerages have recently commented on WOLF. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. Piper Sandler reissued an “overweight” rating and issued a $20.00 price target (up from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Wall Street Zen downgraded Wolfspeed from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Susquehanna cut their price target on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday, January 22nd. Finally, Zacks Research raised Wolfspeed to a “hold” rating in a report on Monday, February 9th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Wolfspeed currently has an average rating of “Reduce” and an average price target of $14.33.

Wolfspeed Stock Performance

The firm has a 50 day simple moving average of $19.92 and a two-hundred day simple moving average of $20.69. The stock has a market cap of $1.40 billion and a P/E ratio of -4.42.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, January 28th. The company reported ($6.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($5.37). During the same quarter in the prior year, the business posted ($0.95) earnings per share. The firm’s revenue for the quarter was down 6.6% on a year-over-year basis.

Hedge Funds Weigh In On Wolfspeed

Hedge funds have recently modified their holdings of the company. Summit Securities Group LLC increased its position 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 during the last quarter. Andar Capital Management HK Ltd acquired a new stake in shares of Wolfspeed in the third quarter valued at about $48,000. Capital Investment Advisory Services LLC increased its position in shares of 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 acquiring an additional 1,783 shares during the last quarter. Eastern Bank acquired a new stake in shares of Wolfspeed in the fourth quarter valued at about $46,000. Finally, Cinctive Capital Management LP acquired a new stake in shares of Wolfspeed in the fourth quarter valued at about $176,000.

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.