Wolfspeed (NYSE:WOLF) Trading Up 9.7% – Should You Buy?

Wolfspeed, Inc. (NYSE:WOLF) was up 9.7% during trading on Thursday . The company traded as high as $66.45 and last traded at $67.6580. Approximately 3,332,246 shares traded hands during trading, a decline of 19% from the average daily volume of 4,128,656 shares. The stock had previously closed at $61.67.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on WOLF shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. Zacks Research upgraded Wolfspeed to a “hold” rating in a research note on Monday, February 9th. Finally, Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and an average price target of $20.00.

Wolfspeed Trading Down 17.5%

The firm has a fifty day moving average of $40.14 and a two-hundred day moving average of $26.12. The company has a market cap of $2.67 billion and a PE ratio of -5.24.

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

Institutional Investors Weigh In On Wolfspeed

Large investors have recently added to or reduced their stakes in the company. Andar Capital Management HK Ltd purchased a new stake in Wolfspeed in the 3rd quarter worth about $48,000. Summit Securities Group LLC grew its holdings in Wolfspeed by 71.0% during the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after buying an additional 915 shares in the last quarter. Eastern Bank purchased a new position in Wolfspeed during the 4th quarter valued at about $46,000. Royal Bank of Canada purchased a new position in Wolfspeed during the 1st quarter valued at about $89,000. Finally, Cinctive Capital Management LP purchased a new position in Wolfspeed during the 4th quarter valued at about $176,000.

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.