Wolfspeed (NYSE:WOLF) Trading Up 6.3% – Time to Buy?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price shot up 6.3% during trading on Tuesday . The company traded as high as $20.20 and last traded at $19.5750. 540,243 shares changed hands during trading, a decline of 30% from the average session volume of 776,929 shares. The stock had previously closed at $18.42.

Wall Street Analyst Weigh In

Several brokerages have weighed in on WOLF. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a report on Monday, December 29th. Wall Street Zen raised 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 research note on Wednesday, October 22nd. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, Wolfspeed has an average rating of “Reduce” and a consensus price target of $10.50.

Wolfspeed Stock Performance

The firm has a fifty day moving average price of $19.06 and a 200 day moving average price of $12.75. The stock has a market cap of $510.27 million and a PE ratio of -31.10.

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

Hedge Funds Weigh In On Wolfspeed

Several hedge funds have recently made changes to their positions 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 worth $4,224,000 after purchasing an additional 881,603 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position 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 worth $5,718,000 after purchasing an additional 906,968 shares during the period. Rhumbline Advisers lifted its holdings in shares of Wolfspeed by 10.8% in the 1st quarter. Rhumbline Advisers now owns 342,505 shares of the company’s stock valued at $1,048,000 after buying an additional 33,361 shares during the period. Inspire Investing LLC boosted its stake in shares of Wolfspeed by 85.3% in the first quarter. Inspire Investing LLC now owns 112,872 shares of the company’s stock worth $345,000 after buying an additional 51,945 shares during the last quarter. Finally, Caitlin John LLC purchased a new position in Wolfspeed during the second quarter valued at approximately $31,000.

About Wolfspeed

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.