Wolfspeed (NYSE:WOLF) Shares Gap Up – What’s Next?

Wolfspeed, Inc. (NYSE:WOLF)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $30.14, but opened at $32.87. Wolfspeed shares last traded at $31.6180, with a volume of 578,257 shares changing hands.

Analysts Set New Price Targets

WOLF has been the topic of several research analyst reports. Susquehanna decreased their target price on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. Finally, Wall Street Zen cut shares of Wolfspeed from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $25.00.

Wolfspeed Stock Performance

The firm has a market cap of $1.64 billion and a price-to-earnings ratio of -2.99. The business has a fifty day moving average of $37.35 and a two-hundred day moving average of $32.30.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Summit Securities Group LLC boosted its position in shares of 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 buying an additional 915 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in Wolfspeed during the second quarter worth about $204,000. Royal Bank of Canada acquired a new position in Wolfspeed during the first quarter worth about $89,000. Atlas Brown Inc. raised its position in Wolfspeed by 29.2% during the second quarter. Atlas Brown Inc. now owns 32,300 shares of the company’s stock worth $1,558,000 after acquiring an additional 7,300 shares during the last quarter. Finally, Next Level Private LLC purchased a new stake in shares of Wolfspeed in the second quarter valued at about $434,000.

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.