Wolfspeed (NYSE:WOLF) Shares Up 5.9% – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF)’s share price shot up 5.9% on Monday . The company traded as high as $18.71 and last traded at $18.50. 222,542 shares were traded during mid-day trading, a decline of 86% from the average session volume of 1,606,322 shares. The stock had previously closed at $17.47.

Analysts Set New Price Targets

A number of research firms recently weighed in on WOLF. Piper Sandler reissued an “overweight” rating and issued a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. Zacks Research raised shares of Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. Wall Street Zen lowered shares of Wolfspeed from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Finally, Susquehanna reduced their target price on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, Wolfspeed currently has an average rating of “Reduce” and an average target price of $14.33.

Wolfspeed Stock Performance

The company has a market capitalization of $850.35 million and a P/E ratio of -2.68. The company’s fifty day simple moving average is $17.66 and its 200-day simple moving average is $19.80.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, January 28th. The company reported ($6.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.74) by ($5.37). The company’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.95) EPS. On average, sell-side analysts predict that Wolfspeed, Inc. will post -4 EPS for the current year.

Hedge Funds Weigh In On Wolfspeed

Institutional investors have recently bought and sold shares of the business. Camden Asset Management L P CA purchased a new position in Wolfspeed during the third quarter valued at approximately $9,452,000. Caitong International Asset Management Co. Ltd purchased a new position in Wolfspeed during the third quarter valued at approximately $8,560,000. Vontobel Holding Ltd. increased its holdings in Wolfspeed by 21.5% during the third quarter. Vontobel Holding Ltd. now owns 582,845 shares of the company’s stock valued at $16,669,000 after buying an additional 103,282 shares during the period. Silverback Asset Management LLC purchased a new position in Wolfspeed during the third quarter valued at approximately $8,191,000. Finally, GMT Capital Corp increased its holdings in Wolfspeed by 42.9% during the second quarter. GMT Capital Corp now owns 1,211,332 shares of the company’s stock valued at $483,000 after buying an additional 363,784 shares during the period.

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.