Wolfspeed (NYSE:WOLF) Shares Up 11.7% – Should You Buy?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price rose 11.7% during mid-day trading on Monday . The company traded as high as $21.75 and last traded at $22.0360. Approximately 1,147,193 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 1,678,883 shares. The stock had previously closed at $19.72.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on WOLF. Susquehanna decreased their price target on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday, January 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a report on Monday, December 29th. Zacks Research raised shares of Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Wall Street Zen cut shares of Wolfspeed from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Finally, Piper Sandler restated an “overweight” rating and set a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, Wolfspeed presently has an average rating of “Reduce” and an average target price of $12.75.

Wolfspeed Trading Up 7.9%

The company has a market cap of $959.52 million and a price-to-earnings ratio of -3.02. The business’s 50 day moving average price is $18.28 and its 200-day moving average price is $16.77.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, February 4th. The company reported ($6.11) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($5.37). The business had revenue of $168.50 million for the quarter, compared to analysts’ expectations of $170.00 million. During the same quarter in the prior year, the company posted ($0.95) earnings per share. The firm’s revenue for the quarter was down 6.6% on a year-over-year basis. Equities research analysts forecast that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WOLF. Yaupon Capital Management LP acquired a new stake in shares of Wolfspeed during the fourth quarter worth $7,834,000. Summit Securities Group LLC grew its stake in shares of Wolfspeed by 71.0% in the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after acquiring an additional 915 shares in the last quarter. Cinctive Capital Management LP bought a new position in Wolfspeed during the fourth quarter worth about $176,000. Ardsley Advisory Partners LP acquired a new stake in Wolfspeed in the 4th quarter worth about $2,873,000. Finally, Renesas Electronics America Inc. bought a new stake in Wolfspeed in the 4th quarter valued at about $293,400,000.

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.