Wolfspeed (NYSE:WOLF) Stock Price Up 13.6% – Should You Buy?

Shares of Wolfspeed, Inc. (NYSE:WOLF) were up 13.6% during mid-day trading on Monday . The stock traded as high as $52.95 and last traded at $52.9530. Approximately 2,628,721 shares changed hands during mid-day trading, a decline of 2% from the average daily volume of 2,683,099 shares. The stock had previously closed at $46.60.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on WOLF shares. Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. Susquehanna lowered their price objective on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, January 22nd. Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday. Zacks Research upgraded shares of Wolfspeed to a “hold” rating in a research note on Monday, February 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Wolfspeed has an average rating of “Hold” and an average price target of $20.00.

Wolfspeed Trading Up 7.0%

The stock has a market capitalization of $2.41 billion and a PE ratio of -7.08. The firm has a 50 day moving average price of $21.97 and a 200 day moving average price of $20.63.

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

Institutional Investors Weigh In On Wolfspeed

Institutional investors have recently bought and sold shares of the business. Canada Pension Plan Investment Board purchased a new stake in Wolfspeed in the 2nd quarter worth $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Wolfspeed in the 2nd quarter worth $34,000. Summit Securities Group LLC increased 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 buying an additional 915 shares in the last quarter. Marex Group plc purchased a new stake in Wolfspeed in the 2nd quarter worth $44,000. Finally, Eastern Bank purchased a new stake in Wolfspeed in the 4th 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.