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

Wolfspeed, Inc. (NYSE:WOLF) shares gapped up prior to trading on Thursday . The stock had previously closed at $45.87, but opened at $49.44. Wolfspeed shares last traded at $44.2080, with a volume of 775,477 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $20.00.

Wolfspeed Stock Performance

The business has a 50 day moving average of $48.09 and a two-hundred day moving average of $28.88. The firm has a market capitalization of $2.43 billion and a price-to-earnings ratio of -4.46.

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

Hedge Funds Weigh In On Wolfspeed

Several large investors have recently added to or reduced their stakes in WOLF. Canada Pension Plan Investment Board bought a new position in shares of Wolfspeed in the second quarter valued at approximately $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Wolfspeed during the second quarter worth $34,000. Summit Securities Group LLC raised its position in Wolfspeed by 71.0% in the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after buying an additional 915 shares during the last quarter. Marex Group plc purchased a new stake in Wolfspeed in the 2nd quarter valued at $44,000. Finally, Eastern Bank bought a new position in Wolfspeed during the 4th quarter valued at $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.