Wolfspeed (NYSE:WOLF) Sets New 1-Year High – Still a Buy?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $36.60 and last traded at $36.4790, with a volume of 4745592 shares traded. The stock had previously closed at $29.53.

Analyst Ratings Changes

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

Wolfspeed Trading Up 24.6%

The company has a 50-day moving average price of $20.62 and a two-hundred day moving average price of $20.51. The stock has a market capitalization of $1.66 billion and a P/E ratio of -5.23.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, January 28th. The company reported ($6.11) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($5.37). During the same period in the previous year, the company earned ($0.95) earnings per share. The firm’s revenue for the quarter was down 6.6% on a year-over-year basis.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. increased its position in Wolfspeed by 176.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after buying an additional 881,603 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Wolfspeed by 94.3% in 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 buying an additional 906,968 shares in the last quarter. WINTON GROUP Ltd bought a new stake in Wolfspeed in the 2nd quarter valued at about $47,000. Ilex Capital Partners UK LLP increased its position in Wolfspeed by 499.1% in the 2nd quarter. Ilex Capital Partners UK LLP now owns 665,697 shares of the company’s stock valued at $265,000 after buying an additional 554,587 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Wolfspeed in the 2nd quarter valued at about $34,000.

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.