Wolfspeed (NYSE:WOLF) Trading 6.4% Higher – Here’s What Happened

Shares of Wolfspeed, Inc. (NYSE:WOLF) traded up 6.4% on Wednesday . The company traded as high as $17.32 and last traded at $17.6370. 259,376 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 1,708,651 shares. The stock had previously closed at $16.58.

Analyst Upgrades and Downgrades

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

Wolfspeed Stock Performance

The firm’s 50-day simple moving average is $18.41 and its 200 day simple moving average is $17.64. The company has a market cap of $818.20 million and a P/E ratio of -2.58.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, January 28th. The company reported ($6.11) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($5.37). During the same quarter in the prior year, the business posted ($0.95) EPS. The company’s revenue for the quarter was down 6.6% compared to the same quarter last year. As a group, 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 and other institutional investors have recently modified their holdings of the business. Camden Asset Management L P CA acquired a new position in shares of Wolfspeed in the 3rd quarter valued at about $9,452,000. Two Seas Capital LP bought a new position in shares of Wolfspeed in the second quarter valued at $962,000. Vontobel Holding Ltd. lifted its position in Wolfspeed by 21.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 582,845 shares of the company’s stock valued at $16,669,000 after acquiring an additional 103,282 shares in the last quarter. XTX Topco Ltd boosted its position in shares of Wolfspeed by 4,954.1% during the second quarter. XTX Topco Ltd now owns 982,770 shares of the company’s stock valued at $392,000 after buying an additional 963,325 shares during the last quarter. Finally, GMT Capital Corp grew its stake in shares of Wolfspeed by 42.9% in the 2nd quarter. GMT Capital Corp now owns 1,211,332 shares of the company’s stock worth $483,000 after acquiring an additional 363,784 shares in the last quarter.

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.