Wolfspeed (NYSE:WOLF) Shares Gap Up – What’s Next?

Shares of Wolfspeed, Inc. (NYSE:WOLF) gapped up prior to trading on Wednesday . The stock had previously closed at $61.06, but opened at $65.90. Wolfspeed shares last traded at $61.98, with a volume of 1,940,845 shares.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on WOLF. Zacks Research raised Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 target price (up from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. Finally, Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. 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’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $20.00.

Wolfspeed Trading Up 9.7%

The firm has a market cap of $3.27 billion and a price-to-earnings ratio of -6.41. The stock has a fifty day moving average price of $39.40 and a 200 day moving average price of $25.91.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) EPS for the quarter, beating analysts’ consensus estimates of ($3.78) by $0.52. The company had revenue of $150.20 million for the quarter, compared to analyst estimates of $150.00 million. The business’s revenue was down 19.0% on a year-over-year basis. During the same period in the prior year, the company posted ($0.72) EPS.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in WOLF. Renesas Electronics America Inc. acquired a new position in shares of Wolfspeed during the 4th quarter valued at about $293,400,000. Capital Research Global Investors acquired a new position in shares of Wolfspeed during the 3rd quarter valued at about $79,426,000. UBS Group AG boosted its stake in Wolfspeed by 3,413.9% during the 4th 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Wolfspeed by 94.3% during the 1st 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 during the period. Finally, Goldman Sachs Group Inc. boosted its stake in Wolfspeed by 176.7% during the 1st 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 during the period.

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.