Wolfspeed (NYSE:WOLF) Issues Quarterly Earnings Results

Wolfspeed (NYSE:WOLF) issued its earnings results on Wednesday. The company reported ($2.44) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.45) by $0.01, Zacks reports.

Wolfspeed Price Performance

Shares of WOLF stock traded down $2.36 on Wednesday, hitting $29.10. The company’s stock had a trading volume of 8,414,228 shares, compared to its average volume of 4,470,799. Wolfspeed has a fifty-two week low of $8.05 and a fifty-two week high of $80.82. The firm’s fifty day moving average price is $36.12 and its 200-day moving average price is $32.61. The stock has a market capitalization of $1.51 billion and a price-to-earnings ratio of -2.76.

Institutional Trading of Wolfspeed

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Stifel Financial Corp increased its holdings in shares of Wolfspeed by 38.2% in the fourth quarter. Stifel Financial Corp now owns 56,037 shares of the company’s stock valued at $976,000 after purchasing an additional 15,494 shares in the last quarter. Charles Schwab Investment Management Inc. acquired a new position in Wolfspeed in the fourth quarter valued at about $1,056,000. State Street Corp acquired a new stake in shares of Wolfspeed in the 4th quarter valued at approximately $1,029,000. Polymer Capital Management HK LTD bought a new position in shares of Wolfspeed during the third quarter worth $582,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in Wolfspeed during the third quarter worth about $735,000.

Wall Street Analysts Forecast Growth

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

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.