Wolfspeed (NYSE:WOLF) Sees Large Volume Increase – Still a Buy?

Wolfspeed, Inc. (NYSE:WOLF) saw an uptick in trading volume on Tuesday . 3,346,129 shares were traded during trading, an increase of 21% from the previous session’s volume of 2,757,736 shares.The stock last traded at $47.8650 and had previously closed at $50.31.

Wolfspeed News Summary

Here are the key news stories impacting Wolfspeed this week:

• Positive Sentiment: Multiple reports highlighted a very bullish analyst/research call on Wolfspeed, fueling momentum buying and helping push the stock to new highs. Wolfspeed (WOLF) Notches All-Time High as Analyst Extremely Bullish
• Positive Sentiment: Citrini Research spotlighted Wolfspeed as an attractive AI infrastructure/power-chip play, which has added to the stock’s breakout and drawn in speculative traders. Wolfspeed shares extend rally after Citrini spotlights AI infrastructure potential (WOLF)
• Positive Sentiment: Commentary on short-squeeze potential has further boosted sentiment, suggesting elevated short interest may be amplifying the rally. Short Squeeze Candidates: AST SpaceMobile, Wolfspeed
• Neutral Sentiment: Broader articles on whether Wolfspeed is a good stock to buy now mostly reflect the same momentum-driven narrative, without adding a major new fundamental catalyst. Is Wolfspeed, Inc. (WOLF) A Good Stock To Buy Now?
• Negative Sentiment: There were no major negative company-specific headlines in the provided articles; however, the rally is being driven largely by sentiment and speculation rather than fresh operational guidance, which can make the move less durable.

Analyst Upgrades and Downgrades

Several equities analysts have commented on WOLF shares. Zacks Research raised shares of Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Piper Sandler reiterated an “overweight” rating and set a $20.00 price target (up from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Susquehanna cut their price objective on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, January 22nd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $20.00.

Wolfspeed Trading Up 12.3%

The stock’s 50-day moving average price is $24.60 and its two-hundred day moving average price is $21.29. The stock has a market capitalization of $3.40 billion and a P/E ratio of -9.99.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Camden Asset Management L P CA bought a new stake in Wolfspeed in the 3rd quarter valued at about $9,452,000. Caitong International Asset Management Co. Ltd bought a new position in Wolfspeed during the third quarter worth about $8,560,000. Calamos Advisors LLC purchased a new position in shares of Wolfspeed in the fourth quarter worth about $12,451,000. Silverback Asset Management LLC bought a new stake in shares of Wolfspeed in the third quarter valued at approximately $8,191,000. Finally, Capital Research Global Investors bought a new stake in shares of Wolfspeed in the third quarter valued at approximately $79,426,000.

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.