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

Shares of Wolfspeed, Inc. (NYSE:WOLF) gapped up before the market opened on Wednesday . The stock had previously closed at $24.70, but opened at $26.49. Wolfspeed shares last traded at $26.7410, with a volume of 927,836 shares traded.

Wall Street Analyst Weigh In

Several research analysts have weighed in on WOLF shares. 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. Zacks Research raised Wolfspeed to a “hold” rating in a report on Monday, February 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th. Piper Sandler reissued an “overweight” rating and set a $20.00 target price (up from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Finally, Wall Street Zen lowered Wolfspeed from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $14.33.

Wolfspeed Stock Down 1.0%

The firm has a 50 day moving average of $19.65 and a two-hundred day moving average of $20.65. The firm has a market capitalization of $1.24 billion and a price-to-earnings ratio of -3.90.

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

Institutional Investors Weigh In On Wolfspeed

A number of hedge funds have recently added to or reduced their stakes in the business. Atlas Brown Inc. bought a new stake in Wolfspeed in the first quarter worth approximately $408,000. SG Americas Securities LLC bought a new stake in Wolfspeed in the first quarter worth approximately $6,671,000. Yaupon Capital Management LP bought a new stake in Wolfspeed in the fourth quarter worth approximately $7,834,000. Summit Securities Group LLC increased its holdings in Wolfspeed by 71.0% in the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after purchasing an additional 915 shares in the last quarter. Finally, Cinctive Capital Management LP bought a new stake in Wolfspeed in the fourth quarter worth approximately $176,000.

Wolfspeed Company Profile

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.