Wolfspeed (NYSE:WOLF) Trading Up 9.7% – Time to Buy?

Shares of Wolfspeed, Inc. (NYSE:WOLF) were up 9.7% during trading on Thursday . The company traded as high as $66.45 and last traded at $67.6580. Approximately 3,332,246 shares traded hands during mid-day trading, a decline of 19% from the average daily volume of 4,128,656 shares. The stock had previously closed at $61.67.

Analyst Ratings Changes

A number of equities analysts have commented on WOLF shares. Wall Street Zen raised shares of 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 issued a $20.00 price target (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Zacks Research raised shares of Wolfspeed to a “hold” rating in a research note on Monday, February 9th. Finally, Weiss Ratings reissued 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $20.00.

Wolfspeed Stock Up 11.6%

The firm’s 50-day simple moving average is $38.38 and its 200-day simple moving average is $25.56. The firm has a market capitalization of $3.33 billion and a PE ratio of -6.54.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Canada Pension Plan Investment Board purchased a new position in shares of Wolfspeed in the second quarter worth $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Wolfspeed during the 2nd quarter valued at $34,000. Summit Securities Group LLC grew its holdings in Wolfspeed by 71.0% in the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after acquiring an additional 915 shares during the last quarter. Marex Group plc bought a new stake in Wolfspeed in the 2nd quarter worth $44,000. Finally, Eastern Bank bought a new stake in Wolfspeed in the 4th quarter worth $46,000.

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.