Wolfspeed (NYSE:WOLF) Trading Up 6.2% – Time to Buy?

Wolfspeed, Inc. (NYSE:WOLF) rose 6.2% on Wednesday . The company traded as high as $26.67 and last traded at $26.8680. 479,668 shares changed hands during trading, a decline of 89% from the average session volume of 4,457,632 shares. The stock had previously closed at $25.29.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, August 22nd. Susquehanna cut their price objective on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday, July 21st. TD Cowen reaffirmed a “hold” rating and issued a $25.00 target price on shares of Wolfspeed in a report on Thursday, August 20th. Finally, Weiss Ratings upgraded Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a research report on Monday. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $25.00.

Wolfspeed Stock Performance

The stock’s fifty day simple moving average is $33.18 and its two-hundred day simple moving average is $33.11. The stock has a market capitalization of $1.42 billion and a P/E ratio of -1.71.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, August 19th. The company reported ($2.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.45) by $0.19. The business had revenue of $149.60 million for the quarter, compared to the consensus estimate of $150.00 million. Wolfspeed’s revenue was down 24.1% on a year-over-year basis. During the same period in the previous year, the business posted ($0.77) EPS.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of WOLF. Renesas Electronics America Inc. acquired a new position in Wolfspeed during the 2nd quarter worth about $813,126,949,000. California State Teachers Retirement System bought a new position in shares of Wolfspeed during the second quarter worth about $72,081,000. UBS Group AG raised its position in shares of Wolfspeed by 3,413.9% during the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock worth $22,103,000 after acquiring an additional 1,233,419 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Wolfspeed by 94.3% in the first 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 acquiring an additional 906,968 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Wolfspeed by 176.7% in 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.

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.