Wolfspeed (NYSE:WOLF) Shares Gap Up – Time to Buy?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $43.14, but opened at $51.25. Wolfspeed shares last traded at $47.8050, with a volume of 2,366,046 shares changing hands.

Analysts Set New Price Targets

Several analysts have issued reports on WOLF shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $20.00.

Wolfspeed Stock Performance

The company has a market capitalization of $2.50 billion and a PE ratio of -4.56. The company has a 50 day moving average price of $43.27 and a 200 day moving average price of $27.22.

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

Institutional Trading of Wolfspeed

Several institutional investors and hedge funds have recently bought and sold shares of the company. Canada Pension Plan Investment Board bought a new position in Wolfspeed during the second quarter worth $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Wolfspeed during the second quarter worth $34,000. 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 worth $38,000 after purchasing an additional 915 shares during the last quarter. Marex Group plc bought a new position in Wolfspeed during the second quarter worth $44,000. Finally, Eastern Bank bought a new position in Wolfspeed during the fourth quarter worth $46,000.

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.