Wolfspeed (NYSE:WOLF) Trading 9.2% Higher – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF)’s stock price was up 9.2% during mid-day trading on Tuesday . The stock traded as high as $48.40 and last traded at $48.3090. Approximately 620,910 shares traded hands during trading, a decline of 86% from the average daily volume of 4,488,341 shares. The stock had previously closed at $44.24.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. 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 an average rating of “Hold” and an average target price of $20.00.

Wolfspeed Trading Up 11.8%

The company has a market cap of $2.57 billion and a P/E ratio of -4.69. The stock’s 50 day moving average is $49.37 and its 200-day moving average is $29.37.

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

Hedge Funds Weigh In On Wolfspeed

Hedge funds have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board purchased a new stake in Wolfspeed during the 2nd quarter valued at $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Wolfspeed in the second quarter worth $34,000. Summit Securities Group LLC raised its stake in shares of Wolfspeed by 71.0% in the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after purchasing an additional 915 shares during the last quarter. Marex Group plc bought a new position in shares of Wolfspeed during the second quarter valued at $44,000. Finally, Eastern Bank bought a new position in shares of Wolfspeed during the fourth quarter valued at $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.