Wolfspeed (NYSE:WOLF) Stock Price Up 12.3% – Here’s What Happened

Shares of Wolfspeed, Inc. (NYSE:WOLF) rose 12.3% during trading on Thursday . The stock traded as high as $27.58 and last traded at $28.7820. Approximately 348,151 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 2,136,675 shares. The stock had previously closed at $25.63.

Wall Street Analyst Weigh In

WOLF has been the topic of several recent analyst reports. Wall Street Zen lowered Wolfspeed from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Susquehanna cut their price objective on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, January 22nd. Zacks Research upgraded Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th. Finally, Piper Sandler reissued 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. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Wolfspeed presently has a consensus rating of “Reduce” and an average target price of $14.33.

Wolfspeed Stock Performance

The company has a market capitalization of $1.30 billion and a price-to-earnings ratio of -4.12. The company has a 50-day moving average price of $20.41 and a 200-day moving average price of $20.53.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, January 28th. The company reported ($6.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($5.37). The firm’s revenue was down 6.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.95) earnings per share.

Hedge Funds Weigh In On Wolfspeed

Several institutional investors have recently modified their holdings of WOLF. Goldman Sachs Group Inc. increased its holdings in shares of Wolfspeed by 176.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after acquiring an additional 881,603 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Wolfspeed by 94.3% in the first 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 acquiring an additional 906,968 shares in the last quarter. WINTON GROUP Ltd bought a new stake in shares of Wolfspeed in the second quarter worth about $47,000. Ilex Capital Partners UK LLP increased its holdings in shares of Wolfspeed by 499.1% in the second quarter. Ilex Capital Partners UK LLP now owns 665,697 shares of the company’s stock worth $265,000 after acquiring an additional 554,587 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Wolfspeed in the second quarter worth about $34,000.

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.