Wolfspeed (NYSE:WOLF) Shares Gap Up – What’s Next?

Shares of Wolfspeed, Inc. (NYSE:WOLF) gapped up before the market opened on Tuesday . The stock had previously closed at $69.89, but opened at $77.78. Wolfspeed shares last traded at $75.24, with a volume of 2,827,300 shares traded.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on WOLF. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. Zacks Research upgraded Wolfspeed to a “hold” rating in a research note on Monday, February 9th. Finally, Piper Sandler restated an “overweight” rating and issued a $20.00 price target (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $20.00.

Wolfspeed Stock Performance

The company has a 50 day simple moving average of $32.06 and a 200 day simple moving average of $23.40. The company has a market capitalization of $3.48 billion and a PE ratio of -6.82.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) EPS for the quarter, topping the consensus estimate of ($3.78) by $0.52. The firm had revenue of $150.20 million for the quarter, compared to analysts’ expectations of $150.00 million. During the same quarter last year, the firm posted ($0.72) earnings per share. Wolfspeed’s quarterly revenue was down 19.0% on a year-over-year basis.

Institutional Investors Weigh In On Wolfspeed

Several large investors have recently bought and sold shares of WOLF. Renesas Electronics America Inc. purchased a new stake in Wolfspeed during the 4th quarter worth approximately $293,400,000. Capital Research Global Investors acquired a new position in shares of Wolfspeed during the 3rd quarter worth approximately $79,426,000. UBS Group AG boosted its holdings in shares of Wolfspeed by 3,413.9% during the 4th quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock worth $22,103,000 after purchasing an additional 1,233,419 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of 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 last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Wolfspeed by 176.7% during the 1st 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.

Wolfspeed Company Profile

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.