Wolfspeed (NYSE:WOLF) Shares Up 6.3% – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF)’s stock price traded up 6.3% during mid-day trading on Monday . The stock traded as high as $34.10 and last traded at $33.7990. Approximately 1,331,909 shares changed hands during trading, a decline of 70% from the average session volume of 4,429,074 shares. The stock had previously closed at $31.79.

Analysts Set New Price Targets

Several brokerages have recently commented on WOLF. Wall Street Zen cut Wolfspeed from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 1st. Susquehanna dropped their price target on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 21st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $25.00.

Wolfspeed Stock Performance

The stock has a market cap of $1.79 billion and a price-to-earnings ratio of -3.27. The company’s 50 day simple moving average is $36.88 and its two-hundred day simple moving average is $32.40.

Institutional Trading of Wolfspeed

Several hedge funds and other institutional investors have recently modified their holdings of the company. Renesas Electronics America Inc. acquired a new stake in Wolfspeed during the second quarter valued at $813,126,949,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Wolfspeed by 94.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock worth $5,718,000 after purchasing an additional 906,968 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Wolfspeed by 176.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after purchasing an additional 881,603 shares in the last quarter. UBS Group AG lifted its holdings in shares of Wolfspeed by 3,413.9% during the 4th quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock valued at $22,103,000 after buying an additional 1,233,419 shares during the last quarter. Finally, Calamos Advisors LLC bought a new stake in shares of Wolfspeed in the 4th quarter valued at approximately $12,451,000.

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.