Wolfspeed (NYSE:WOLF) Stock Price Up 14.1% – Should You Buy?

Shares of Wolfspeed, Inc. (NYSE:WOLF) were up 14.1% during trading on Thursday . The company traded as high as $28.66 and last traded at $28.7520. Approximately 1,365,946 shares were traded during trading, a decline of 69% from the average session volume of 4,440,097 shares. The stock had previously closed at $25.19.

Analyst Upgrades and Downgrades

WOLF has been the subject of several recent analyst reports. Susquehanna decreased their price objective on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Tuesday, July 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday, June 24th. Finally, Wall Street Zen cut Wolfspeed from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 1st. 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 company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $25.00.

Wolfspeed Stock Performance

The company’s 50 day moving average price is $41.03 and its 200-day moving average price is $31.83. The company has a market cap of $1.47 billion and a price-to-earnings ratio of -2.67.

Wolfspeed (NYSE:WOLF) last released its earnings results on Tuesday, May 5th. The company reported ($3.26) EPS for the quarter, beating the consensus estimate of ($3.78) by $0.52. The business had revenue of $150.20 million for the quarter, compared to analyst estimates of $150.00 million. The firm’s revenue for the quarter was down 19.0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.72) earnings per share.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Renesas Electronics America Inc. bought a new stake in shares of Wolfspeed during the 2nd quarter worth $813,126,949,000. Atlas Brown Inc. raised its position in shares of Wolfspeed by 29.2% during the second quarter. Atlas Brown Inc. now owns 32,300 shares of the company’s stock worth $1,558,000 after purchasing an additional 7,300 shares during the period. Next Level Private LLC acquired a new stake in shares of Wolfspeed during the second quarter worth $434,000. FNY Investment Advisers LLC purchased a new stake in shares of Wolfspeed during the second quarter valued at $204,000. Finally, Royal Bank of Canada acquired a new position in shares of Wolfspeed in the 1st quarter valued at $89,000.

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.