Wolfspeed (NYSE:WOLF) Sees Large Volume Increase – Here’s What Happened

Shares of Wolfspeed, Inc. (NYSE:WOLF) saw unusually-high trading volume on Monday . Approximately 4,951,621 shares were traded during trading, an increase of 44% from the previous session’s volume of 3,449,402 shares.The stock last traded at $58.5680 and had previously closed at $62.13.

Wall Street Analysts Forecast Growth

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

Wolfspeed Stock Down 0.5%

The firm has a 50 day moving average of $28.10 and a 200 day moving average of $22.20. The firm has a market cap of $2.86 billion and a PE ratio of -5.59.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.78) by $0.52. The firm had revenue of $150.20 million during the quarter, compared to the consensus estimate of $150.00 million. During the same quarter in the previous year, the firm earned ($0.72) earnings per share. The business’s quarterly revenue was down 19.0% compared to the same quarter last year.

Hedge Funds Weigh In On Wolfspeed

Several large investors have recently modified their holdings of WOLF. Renesas Electronics America Inc. bought a new position in Wolfspeed in the 4th quarter worth approximately $293,400,000. Capital Research Global Investors purchased a new stake in shares of Wolfspeed during the third quarter worth $79,426,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Wolfspeed by 94.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock worth $5,718,000 after acquiring an additional 906,968 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Wolfspeed by 176.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after purchasing an additional 881,603 shares in the last quarter. Finally, UBS Group AG grew its position in shares of Wolfspeed by 3,413.9% in the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock valued at $22,103,000 after purchasing an additional 1,233,419 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.