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

Wolfspeed, Inc. (NYSE:WOLF) shares gapped up before the market opened on Wednesday . The stock had previously closed at $58.83, but opened at $62.44. Wolfspeed shares last traded at $55.1460, with a volume of 1,456,874 shares.

Analysts Set New Price Targets

WOLF has been the subject of several analyst reports. Zacks Research raised Wolfspeed to a “hold” rating in a research note on Monday, February 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 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, Susquehanna lowered their target price on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $20.00.

Wolfspeed Trading Up 18.6%

The company has a 50 day simple moving average of $29.97 and a 200 day simple moving average of $22.74. The stock has a market capitalization of $3.36 billion and a PE ratio of -6.59.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) EPS for the quarter, beating the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the company earned ($0.72) earnings per share.

Institutional Trading of Wolfspeed

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Summit Securities Group LLC raised its stake in 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 acquiring an additional 915 shares during the last quarter. Andar Capital Management HK Ltd purchased a new position in shares of Wolfspeed during the 3rd quarter worth approximately $48,000. Capital Investment Advisory Services LLC raised its stake in shares of Wolfspeed by 13.3% during the 4th quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock worth $264,000 after buying an additional 1,783 shares in the last quarter. Eastern Bank purchased a new position in shares of Wolfspeed during the 4th quarter worth approximately $46,000. Finally, Royal Bank of Canada purchased a new position in shares of Wolfspeed during the 1st quarter worth approximately $89,000.

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.