Wolfspeed (NYSE:WOLF) Sees Large Volume Increase – What’s Next?

Shares of Wolfspeed, Inc. (NYSE:WOLF) saw unusually-strong trading volume on Monday . Approximately 4,951,621 shares were traded during trading, an increase of 44% from the previous session’s volume of 3,449,402 shares.The stock last traded at $58.5680 and had previously closed at $62.13.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. 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 restated a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Zacks Research upgraded Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Finally, Susquehanna cut their target price on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday, January 22nd. 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 stock. According to MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and a consensus price target of $20.00.

Wolfspeed Trading Down 3.6%

The company has a market capitalization of $2.89 billion and a price-to-earnings ratio of -5.63. The firm has a 50-day moving average price of $26.43 and a 200-day moving average price of $21.81.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) earnings per share for the quarter, beating the consensus estimate of ($3.78) by $0.52. The firm had revenue of $150.20 million during the quarter, compared to analyst estimates of $150.00 million. During the same quarter last year, the company earned ($0.72) EPS. The company’s quarterly revenue was down 19.0% compared to the same quarter last year.

Institutional Investors Weigh In On Wolfspeed

Institutional investors and hedge funds have recently bought and sold shares of the business. Camden Asset Management L P CA acquired a new position in shares of Wolfspeed in the 3rd quarter worth approximately $9,452,000. Caitong International Asset Management Co. Ltd acquired a new stake in Wolfspeed during the third quarter valued at approximately $8,560,000. Calamos Advisors LLC acquired a new stake in Wolfspeed during the fourth quarter valued at approximately $12,451,000. Silverback Asset Management LLC bought a new stake in Wolfspeed during the third quarter worth approximately $8,191,000. Finally, Capital Research Global Investors acquired a new position in Wolfspeed in the third quarter worth approximately $79,426,000.

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.