Wolfspeed (NYSE:WOLF) Trading Up 6.3% – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF) shares traded up 6.3% during trading on Monday . The company traded as high as $34.10 and last traded at $33.7990. 1,331,909 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 4,429,074 shares. The stock had previously closed at $31.79.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on WOLF. Wall Street Zen cut Wolfspeed from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. Susquehanna dropped their price target on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 21st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $25.00.

Wolfspeed Stock Performance

The firm has a 50 day moving average price of $36.88 and a two-hundred day moving average price of $32.40. The firm has a market capitalization of $1.79 billion and a P/E ratio of -3.27.

Institutional Trading of Wolfspeed

Institutional investors and hedge funds have recently bought and sold shares of the stock. Summit Securities Group LLC lifted its stake in Wolfspeed by 71.0% during the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after buying an additional 915 shares in the last quarter. FNY Investment Advisers LLC acquired a new stake in shares of Wolfspeed during the second quarter valued at approximately $204,000. Royal Bank of Canada acquired a new stake in shares of Wolfspeed during the first quarter valued at approximately $89,000. Next Level Private LLC purchased a new stake in shares of Wolfspeed in the 2nd quarter valued at approximately $434,000. Finally, Cinctive Capital Management LP purchased a new stake in shares of Wolfspeed in the 4th quarter valued at approximately $176,000.

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.