Wolfspeed (NYSE:WOLF) Stock Price Up 17.7% – Should You Buy?

Wolfspeed, Inc. (NYSE:WOLF) traded up 17.7% on Thursday . The stock traded as high as $24.00 and last traded at $23.6150. Approximately 4,477,063 shares were traded during mid-day trading, an increase of 1% from the average session volume of 4,447,717 shares. The stock had previously closed at $20.06.

Analyst Upgrades and Downgrades

WOLF has been the topic of a number of analyst reports. Wall Street Zen downgraded Wolfspeed from a “sell” rating to a “strong sell” rating in a research note on Saturday. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday, June 24th. Finally, Susquehanna reduced their price objective on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 21st. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $25.00.

Wolfspeed Trading Down 1.3%

The stock’s 50 day moving average is $43.62 and its two-hundred day moving average is $31.62. The stock has a market capitalization of $1.22 billion and a price-to-earnings ratio of -2.22.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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. The firm’s quarterly revenue was down 19.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.72) EPS.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds have recently added to or reduced their stakes in WOLF. Goldman Sachs Group Inc. boosted its holdings in shares of Wolfspeed by 176.7% during 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings 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 purchasing an additional 906,968 shares during the period. WINTON GROUP Ltd acquired a new stake in shares of Wolfspeed in the second quarter valued at approximately $47,000. Ilex Capital Partners UK LLP increased its stake in Wolfspeed by 499.1% during the 2nd 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 during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Wolfspeed during the 2nd quarter valued at $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.