Wolfspeed (NYSE:WOLF) Shares Gap Up – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF) gapped up prior to trading on Monday . The stock had previously closed at $20.28, but opened at $21.89. Wolfspeed shares last traded at $21.5960, with a volume of 1,354,196 shares traded.

Analysts Set New Price Targets

WOLF has been the topic of several research analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of Wolfspeed in a research note on Saturday, September 27th. Wall Street Zen upgraded shares of Wolfspeed to a “hold” rating in a research report on Saturday, November 22nd. Finally, Susquehanna boosted their price objective on shares of Wolfspeed to $30.00 and gave the stock a “neutral” rating in a report on Wednesday, October 22nd. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $10.50.

Wolfspeed Stock Performance

The company has a market capitalization of $553.65 million and a P/E ratio of -33.94. The firm has a 50 day moving average price of $23.18 and a two-hundred day moving average price of $9.13.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, October 29th. The company reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.05. The company had revenue of $196.80 million during the quarter, compared to the consensus estimate of $195.37 million. On average, equities analysts expect that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Institutional Trading of Wolfspeed

Several large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its stake in shares of Wolfspeed by 176.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after acquiring an additional 881,603 shares during the last quarter. Nuveen LLC bought a new position in Wolfspeed in the 1st quarter valued at $1,365,000. Jump Financial LLC bought a new position in Wolfspeed in the 1st quarter valued at $4,402,000. GMT Capital Corp bought a new stake in shares of Wolfspeed during the first quarter worth $2,593,000. Finally, Shah Capital Management acquired a new stake in shares of Wolfspeed in the first quarter valued at $6,586,000.

Wolfspeed Company Profile

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.