Wolfspeed (NYSE:WOLF) Share Price Crosses Above Fifty Day Moving Average – Time to Sell?

Wolfspeed, Inc. (NYSE:WOLF) shares crossed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $26.30 and traded as high as $28.70. Wolfspeed shares last traded at $27.6330, with a volume of 2,521,781 shares trading hands.

Analysts Set New Price Targets

A number of analysts recently weighed in on WOLF shares. Zacks Research raised shares of Wolfspeed to a “hold” rating in a research note on Friday, September 25th. Susquehanna reduced their price target on shares of Wolfspeed from $30.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 21st. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, November 7th. Weiss Ratings upgraded shares of Wolfspeed from a “sell (d)” rating to a “sell (d+)” rating in a research report on Monday. Finally, TD Cowen dropped their price objective on Wolfspeed from $25.00 to $23.00 and set a “hold” rating for the company in a report on Thursday, November 5th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $22.67.

Wolfspeed Trading Up 5.3%

The company has a 50 day simple moving average of $26.30 and a 200 day simple moving average of $30.31. The stock has a market cap of $1.48 billion, a P/E ratio of -1.94 and a beta of 8.67.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, November 4th. The company reported ($2.03) EPS for the quarter, missing analysts’ consensus estimates of ($1.99) by ($0.04). The firm had revenue of $155.00 million for the quarter, compared to the consensus estimate of $149.86 million. During the same period last year, the company posted ($0.55) EPS. Wolfspeed’s revenue was down 21.2% on a year-over-year basis. As a group, sell-side analysts expect that Wolfspeed, Inc. will post -8.27 earnings per share for the current year.

Hedge Funds Weigh In On Wolfspeed

Large investors have recently made changes to their positions in the company. SBI Securities Co. Ltd. grew its position in shares of Wolfspeed by 96.8% during the 3rd quarter. SBI Securities Co. Ltd. now owns 1,429 shares of the company’s stock worth $40,000 after purchasing an additional 703 shares in the last quarter. Royal Bank of Canada acquired a new position in Wolfspeed in the 1st quarter valued at $89,000. Global Retirement Partners LLC raised its holdings in Wolfspeed by 7,537.9% in the 3rd quarter. Global Retirement Partners LLC now owns 4,430 shares of the company’s stock valued at $125,000 after acquiring an additional 4,372 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in Wolfspeed in the 2nd quarter valued at $204,000. Finally, AXQ Capital LP bought a new stake in shares of Wolfspeed during the 2nd quarter valued at $208,000.

About Wolfspeed

Wolfspeed develops and manufactures silicon carbide (SiC) materials and power semiconductor products. Its offerings include SiC wafers and epitaxial wafers, as well as power devices such as MOSFETs, diodes and modules used to convert and manage electrical power. The company’s products serve applications including electric vehicles, renewable energy, energy storage, industrial equipment and data centers. Wolfspeed supplies customers across global markets. Wolfspeed was formerly known as Cree, Inc. and adopted the Wolfspeed name in 2021 as it focused its business on wide-bandgap semiconductor materials and devices.