Wolfspeed (NYSE:WOLF) Stock Price Up 13.6% – Should You Buy?

Shares of Wolfspeed, Inc. (NYSE:WOLF) rose 13.6% on Monday . The company traded as high as $52.95 and last traded at $52.9530. Approximately 2,628,721 shares changed hands during mid-day trading, a decline of 2% from the average daily volume of 2,683,099 shares. The stock had previously closed at $46.60.

Wall Street Analyst Weigh In

WOLF has been the topic of a number of recent analyst reports. Zacks Research upgraded Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Susquehanna cut their price objective on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, January 22nd. Piper Sandler reiterated an “overweight” rating and issued a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. Finally, Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $20.00.

Wolfspeed Trading Up 7.0%

The business has a fifty day simple moving average of $21.97 and a two-hundred day simple moving average of $20.63. The stock has a market cap of $2.41 billion and a PE ratio of -7.08.

Wolfspeed (NYSE:WOLF) last posted 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 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 company posted ($0.72) EPS. The firm’s revenue was down 19.0% on a year-over-year basis.

Institutional Trading of Wolfspeed

A number of hedge funds have recently made changes to their positions in the stock. Renesas Electronics America Inc. bought a new stake in shares of Wolfspeed in the 4th quarter worth approximately $293,400,000. Capital Research Global Investors bought a new stake in shares of Wolfspeed in the 3rd quarter worth approximately $79,426,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of 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 worth $5,718,000 after purchasing an additional 906,968 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Wolfspeed by 176.7% in 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 in the last quarter. Finally, UBS Group AG boosted its position in shares of Wolfspeed by 3,413.9% in 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 in the last quarter.

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.