Wolfspeed (NYSE:WOLF) Shares Gap Up – Time to Buy?

Wolfspeed, Inc. (NYSE:WOLF) shares gapped up before the market opened on Monday . The stock had previously closed at $43.14, but opened at $51.25. Wolfspeed shares last traded at $47.8050, with a volume of 2,366,046 shares traded.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on WOLF shares. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $20.00.

Wolfspeed Stock Up 11.7%

The company has a market capitalization of $2.50 billion and a P/E ratio of -4.56. The business has a 50 day simple moving average of $43.27 and a 200-day simple moving average of $27.22.

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

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WOLF. Renesas Electronics America Inc. bought a new stake in shares of Wolfspeed during the fourth quarter valued at about $293,400,000. Capital Research Global Investors bought a new stake in shares of Wolfspeed during the third quarter valued at about $79,426,000. UBS Group AG raised its stake in shares of Wolfspeed by 3,413.9% during the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock valued at $22,103,000 after purchasing an additional 1,233,419 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Wolfspeed by 94.3% during 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 in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Wolfspeed by 176.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after purchasing an additional 881,603 shares in the last quarter.

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.