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

Wolfspeed, Inc. (NYSE:WOLF)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $35.94, but opened at $38.69. Wolfspeed shares last traded at $37.7950, with a volume of 1,551,664 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on WOLF shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. Zacks Research raised shares of Wolfspeed to a “hold” rating in a research note on Monday, February 9th. Piper Sandler reaffirmed an “overweight” rating and set a $20.00 price target (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Susquehanna dropped their price target on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday, January 22nd. Finally, Wall Street Zen cut shares of Wolfspeed from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $14.33.

Wolfspeed Trading Up 7.5%

The business’s 50 day moving average is $20.62 and its 200 day moving average is $20.43. The stock has a market capitalization of $1.74 billion and a PE ratio of -5.49.

Wolfspeed (NYSE:WOLF) last released its quarterly 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). During the same period in the previous year, the firm earned ($0.95) EPS. The firm’s quarterly revenue was down 6.6% on a year-over-year basis.

Institutional Investors Weigh In On Wolfspeed

Large investors have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board purchased a new stake in Wolfspeed in the 2nd quarter valued at about $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Wolfspeed in the 2nd quarter valued at about $34,000. Summit Securities Group LLC boosted its position in Wolfspeed by 71.0% in the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after buying an additional 915 shares during the period. Marex Group plc purchased a new stake in Wolfspeed in the 2nd quarter valued at about $44,000. Finally, Eastern Bank purchased a new stake in Wolfspeed in the 4th quarter valued at about $46,000.

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.