Wolfspeed (NYSE:WOLF) Stock Price Up 14% – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF) shares rose 14% on Thursday . The stock traded as high as $66.90 and last traded at $66.8450. Approximately 1,544,252 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 3,548,954 shares. The stock had previously closed at $58.62.

Wall Street Analyst Weigh In

WOLF has been the subject of several research reports. Zacks Research raised Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Piper Sandler reissued 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. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Susquehanna reduced their price objective on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, January 22nd. One investment 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. According to MarketBeat, Wolfspeed presently has an average rating of “Hold” and an average price target of $20.00.

Wolfspeed Stock Up 20.9%

The stock has a market capitalization of $3.43 billion and a P/E ratio of -6.70. The firm has a 50-day moving average of $28.91 and a 200 day moving average of $22.43.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Tuesday, May 5th. The company reported ($3.26) EPS for the quarter, topping the consensus estimate of ($3.78) by $0.52. The firm had revenue of $150.20 million during the quarter, compared to the consensus estimate of $150.00 million. The firm’s revenue for the quarter was down 19.0% compared to the same quarter last year. During the same period last year, the business earned ($0.72) earnings per share.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Canada Pension Plan Investment Board acquired a new position in Wolfspeed during the second quarter worth $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Wolfspeed during the second quarter worth $34,000. Summit Securities Group LLC raised its stake in Wolfspeed by 71.0% during the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after acquiring an additional 915 shares in the last quarter. Marex Group plc acquired a new position in Wolfspeed during the second quarter worth $44,000. Finally, Eastern Bank acquired a new position in Wolfspeed during the fourth quarter worth $46,000.

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.