Wolfspeed (NYSE:WOLF) Trading Up 12.3% – Should You Buy?

Wolfspeed, Inc. (NYSE:WOLF)’s share price was up 12.3% during mid-day trading on Thursday . The company traded as high as $27.58 and last traded at $28.7820. Approximately 348,151 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 2,136,675 shares. The stock had previously closed at $25.63.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on WOLF shares. Susquehanna lowered their price target 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. Wall Street Zen downgraded shares of Wolfspeed from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th. Zacks Research raised shares of Wolfspeed to a “hold” rating in a report on Monday, February 9th. Finally, 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. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $14.33.

Wolfspeed Price Performance

The business’s 50 day moving average is $20.62 and its two-hundred day moving average is $20.60. The firm has a market capitalization of $1.66 billion and a PE ratio of -5.23.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, January 28th. The company reported ($6.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.74) by ($5.37). Wolfspeed’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.95) EPS.

Institutional Investors Weigh In On Wolfspeed

Institutional investors and hedge funds have recently bought and sold shares of the stock. Andar Capital Management HK Ltd purchased a new stake in Wolfspeed in the third quarter valued at approximately $48,000. Summit Securities Group LLC raised its stake in 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 purchasing an additional 915 shares in the last quarter. Eastern Bank purchased a new stake in Wolfspeed in the fourth quarter valued at approximately $46,000. Cinctive Capital Management LP purchased a new stake in Wolfspeed in the fourth quarter valued at approximately $176,000. Finally, Capital Investment Advisory Services LLC raised its stake 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 in the last quarter.

Wolfspeed Company Profile

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.