Wolfspeed (NYSE:WOLF) Stock Price Up 9.2% – What’s Next?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price rose 9.2% on Wednesday . The stock traded as high as $49.47 and last traded at $49.1450. 1,611,566 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 4,359,522 shares. The stock had previously closed at $45.00.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on WOLF. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $20.00.

Wolfspeed Stock Performance

The stock has a market cap of $2.97 billion and a PE ratio of -5.41. The company’s 50-day moving average price is $45.84 and its two-hundred day moving average price is $28.05.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share (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 revenue was down 19.0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.72) earnings per share.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada bought a new position in shares of Wolfspeed during the 1st quarter valued at about $89,000. Lazard Asset Management LLC purchased a new position in shares of Wolfspeed during the 1st quarter valued at about $1,796,000. Sei Investments Co. bought a new stake in Wolfspeed in the 1st quarter worth approximately $494,000. First Trust Advisors LP lifted its position in Wolfspeed by 60.6% in the 1st quarter. First Trust Advisors LP now owns 98,874 shares of the company’s stock worth $1,614,000 after buying an additional 37,313 shares during the last quarter. Finally, Shah Capital Management boosted its stake in Wolfspeed by 1,419.5% in the first quarter. Shah Capital Management now owns 508,948 shares of the company’s stock worth $8,306,000 after buying an additional 475,454 shares in the last quarter.

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.