Wolfspeed (NYSE:WOLF) Sees Unusually-High Trading Volume – Still a Buy?

Wolfspeed, Inc. (NYSE:WOLF) saw unusually-high trading volume on Tuesday . Approximately 3,156,344 shares changed hands during mid-day trading, an increase of 79% from the previous session’s volume of 1,767,072 shares.The stock last traded at $29.1680 and had previously closed at $26.33.

Analysts Set New Price Targets

WOLF has been the topic of a number of recent analyst reports. Wall Street Zen downgraded shares of Wolfspeed from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 target price (up from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. Zacks Research raised shares of Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Susquehanna dropped their target price on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, January 22nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $14.33.

Wolfspeed Stock Performance

The stock’s 50-day moving average is $19.43 and its 200 day moving average is $20.61. The stock has a market capitalization of $1.24 billion and a PE ratio of -3.90.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, January 28th. The company reported ($6.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.74) by ($5.37). The business’s quarterly revenue was down 6.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.95) EPS.

Institutional Trading of Wolfspeed

A number of large investors have recently bought and sold shares of the business. Summit Securities Group LLC boosted its stake in Wolfspeed by 71.0% during 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 during the period. Andar Capital Management HK Ltd acquired a new stake in Wolfspeed during the 3rd quarter worth $48,000. Capital Investment Advisory Services LLC boosted its stake in Wolfspeed by 13.3% during the 4th quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock worth $264,000 after purchasing an additional 1,783 shares during the period. Eastern Bank acquired a new stake in Wolfspeed during the 4th quarter worth $46,000. Finally, Cinctive Capital Management LP acquired a new stake in Wolfspeed during the 4th quarter worth $176,000.

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.