Wolfspeed (NYSE:WOLF) Shares Gap Up – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF) gapped up before the market opened on Wednesday . The stock had previously closed at $61.06, but opened at $65.90. Wolfspeed shares last traded at $61.98, with a volume of 1,940,845 shares traded.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Zacks Research raised Wolfspeed to a “hold” rating in a research note on Monday, February 9th. Piper Sandler reissued 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. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $20.00.

Wolfspeed Stock Performance

The company’s 50-day simple moving average is $36.60 and its 200 day simple moving average is $24.96. The company has a market cap of $3.14 billion and a PE ratio of -6.15.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Camden Asset Management L P CA purchased a new stake in Wolfspeed in the third quarter valued at $9,452,000. Calamos Advisors LLC acquired a new stake in shares of Wolfspeed in the 4th quarter valued at about $12,451,000. Caitong International Asset Management Co. Ltd purchased a new position in Wolfspeed during the 3rd quarter worth approximately $8,560,000. Silverback Asset Management LLC acquired a new position in Wolfspeed during the third quarter worth approximately $8,191,000. Finally, Capital Research Global Investors acquired a new position in Wolfspeed during the third quarter worth approximately $79,426,000.

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.