Wolfspeed (NYSE:WOLF) Stock Price Up 9.2% – What’s Next?

Wolfspeed, Inc. (NYSE:WOLF) traded up 9.2% on Tuesday . The stock traded as high as $48.40 and last traded at $48.3090. 620,910 shares traded hands during trading, a decline of 86% from the average daily volume of 4,488,341 shares. The stock had previously closed at $44.24.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on WOLF shares. Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. One investment 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, the company currently has an average rating of “Hold” and an average target price of $20.00.

Wolfspeed Price Performance

The company has a market capitalization of $2.34 billion and a P/E ratio of -4.26. The stock’s 50 day simple moving average is $50.20 and its two-hundred day simple moving average is $29.74.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of WOLF. Summit Securities Group LLC raised its position in shares of 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 during the last quarter. Eastern Bank bought a new position in Wolfspeed in the fourth quarter valued at about $46,000. Royal Bank of Canada bought a new position in Wolfspeed in the first quarter valued at about $89,000. Cinctive Capital Management LP acquired a new stake in Wolfspeed in the fourth quarter worth about $176,000. Finally, Capital Investment Advisory Services LLC increased its position in Wolfspeed by 13.3% in the fourth quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock worth $264,000 after purchasing an additional 1,783 shares during the period.

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.