Wolfspeed (NYSE:WOLF) Announces Earnings Results

Wolfspeed (NYSE:WOLF) posted its quarterly earnings data on Wednesday. The company reported ($2.44) EPS for the quarter, topping the consensus estimate of ($2.45) by $0.01, Zacks reports.

Wolfspeed Trading Down 7.5%

Shares of NYSE:WOLF traded down $2.36 during midday trading on Wednesday, reaching $29.10. 8,232,249 shares of the company were exchanged, compared to its average volume of 4,464,924. The business’s fifty day moving average is $36.12 and its two-hundred day moving average is $32.61. Wolfspeed has a one year low of $8.05 and a one year high of $80.82. The stock has a market cap of $1.51 billion and a PE ratio of -2.76.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Susquehanna reduced their target price on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Tuesday, July 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday, June 24th. Finally, Wall Street Zen downgraded shares of Wolfspeed from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 1st. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Wolfspeed has an average rating of “Hold” and a consensus target price of $25.00.

Institutional Trading of Wolfspeed

Hedge funds have recently bought and sold shares of the stock. Summit Securities Group LLC lifted its stake in Wolfspeed by 71.0% in the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after purchasing an additional 915 shares in the last quarter. Cinctive Capital Management LP purchased a new position in shares of Wolfspeed during the fourth quarter valued at about $176,000. Polymer Capital Management HK LTD bought a new stake in shares of Wolfspeed in the third quarter worth about $582,000. Mariner Investment Group LLC bought a new stake in shares of Wolfspeed in the third quarter worth about $715,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in shares of Wolfspeed in the third quarter worth about $735,000.

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.