Wolfspeed (NYSE:WOLF) Trading 9.2% Higher – Still a Buy?

Wolfspeed, Inc. (NYSE:WOLF) shares traded up 9.2% during mid-day trading on Wednesday . The stock traded as high as $49.47 and last traded at $49.1450. 1,611,566 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 4,359,522 shares. The stock had previously closed at $45.00.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $20.00.

Wolfspeed Stock Performance

The stock has a 50-day simple moving average of $44.46 and a two-hundred day simple moving average of $27.60. The firm has a market cap of $2.70 billion and a PE ratio of -4.96.

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

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds have recently bought and sold shares of WOLF. Renesas Electronics America Inc. purchased a new stake in shares of Wolfspeed during the 4th quarter valued at about $293,400,000. Capital Research Global Investors purchased a new stake in shares of Wolfspeed during the 3rd quarter valued at about $79,426,000. UBS Group AG increased its position 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 valued at $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 increased its position 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 valued at $5,718,000 after purchasing an additional 906,968 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position 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 valued at $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.