Wolfspeed (NYSE:WOLF) Shares Gap Up – Still a Buy?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $30.14, but opened at $32.87. Wolfspeed shares last traded at $31.6180, with a volume of 578,257 shares changing hands.

Analyst Ratings Changes

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

Wolfspeed Trading Up 3.9%

The stock has a fifty day simple moving average of $38.66 and a 200-day simple moving average of $32.11. The stock has a market cap of $1.63 billion and a price-to-earnings ratio of -2.97.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Summit Securities Group LLC boosted its stake in shares of Wolfspeed by 71.0% in the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after purchasing an additional 915 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in shares of Wolfspeed during the 2nd quarter worth about $204,000. Royal Bank of Canada acquired a new stake in shares of Wolfspeed in the 1st quarter valued at approximately $89,000. Next Level Private LLC bought a new stake in Wolfspeed in the second quarter valued at approximately $434,000. Finally, Cinctive Capital Management LP bought a new position in shares of Wolfspeed during the fourth quarter worth $176,000.

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.