Wolfspeed (NYSE:WOLF) Stock Price Up 17.7% – Still a Buy?

Wolfspeed, Inc. (NYSE:WOLF) rose 17.7% during trading on Thursday . The company traded as high as $24.00 and last traded at $23.6150. Approximately 4,477,063 shares traded hands during trading, an increase of 1% from the average daily volume of 4,447,717 shares. The stock had previously closed at $20.06.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on WOLF. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 18th. Finally, Susquehanna cut their target price on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, July 21st. One 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $25.00.

Wolfspeed Price Performance

The stock has a market cap of $1.24 billion and a price-to-earnings ratio of -2.23. The business has a fifty day moving average of $45.47 and a 200 day moving average of $31.64.

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

Institutional Investors Weigh In On Wolfspeed

A number of large investors have recently bought and sold shares of WOLF. Calamos Advisors LLC bought a new position in Wolfspeed during the fourth quarter valued at about $12,451,000. Prescott Group Capital Management L.L.C. bought a new stake in shares of Wolfspeed during the 4th quarter worth about $6,416,000. Atlas Brown Inc. acquired a new position in shares of Wolfspeed during the 1st quarter valued at about $408,000. SG Americas Securities LLC acquired a new position in shares of Wolfspeed during the 1st quarter valued at about $6,671,000. Finally, Ardsley Advisory Partners LP bought a new position in shares of Wolfspeed in the 4th quarter valued at approximately $2,873,000.

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.