Wolfspeed (NYSE:WOLF) Sets New 1-Year High – Time to Buy?

Wolfspeed, Inc. (NYSE:WOLF) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $43.38 and last traded at $42.7910, with a volume of 14824480 shares traded. The stock had previously closed at $36.63.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday. Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Susquehanna cut their target price on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, January 22nd. Zacks Research upgraded Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $20.00.

Wolfspeed Stock Up 3.4%

The firm has a 50 day simple moving average of $21.97 and a two-hundred day simple moving average of $20.63. The stock has a market capitalization of $2.11 billion and a P/E ratio of -6.63.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Summit Securities Group LLC grew its holdings in shares of 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. Andar Capital Management HK Ltd acquired a new stake in Wolfspeed in the third quarter valued at approximately $48,000. Capital Investment Advisory Services LLC boosted its position 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 buying an additional 1,783 shares in the last quarter. Eastern Bank bought a new stake in shares of Wolfspeed during the fourth quarter worth $46,000. Finally, Cinctive Capital Management LP bought a new position in shares of Wolfspeed in the 4th quarter valued at $176,000.

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.