Wolfspeed (NYSE:WOLF) Trading 14.1% Higher – Still a Buy?

Wolfspeed, Inc. (NYSE:WOLF) shares traded up 14.1% during trading on Thursday . The stock traded as high as $28.66 and last traded at $28.7520. Approximately 1,365,946 shares changed hands during trading, a decline of 69% from the average daily volume of 4,440,097 shares. The stock had previously closed at $25.19.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wall Street Zen lowered shares of Wolfspeed from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. Susquehanna decreased their price target on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a research note on Tuesday, July 21st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Wolfspeed has a consensus rating of “Hold” and a consensus price target of $25.00.

Wolfspeed Trading Up 18.5%

The firm’s fifty day moving average price is $39.75 and its 200-day moving average price is $31.89. The firm has a market cap of $1.70 billion and a price-to-earnings ratio of -3.10.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Tuesday, May 5th. The company reported ($3.26) 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. During the same period in the previous year, the firm earned ($0.72) earnings per share. The business’s revenue was down 19.0% compared to the same quarter last year.

Institutional Trading of Wolfspeed

A number of institutional investors have recently added to or reduced their stakes in the stock. Renesas Electronics America Inc. acquired a new position in Wolfspeed during the second quarter worth about $813,126,949,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Wolfspeed by 94.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock valued at $5,718,000 after purchasing an additional 906,968 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Wolfspeed by 176.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after purchasing an additional 881,603 shares in the last quarter. UBS Group AG increased its stake in shares of Wolfspeed by 3,413.9% during the 4th quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock worth $22,103,000 after purchasing an additional 1,233,419 shares in the last quarter. Finally, Calamos Advisors LLC acquired a new position in shares of Wolfspeed during the 4th quarter worth approximately $12,451,000.

Wolfspeed Company Profile

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.