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

Shares of Wolfspeed, Inc. (NYSE:WOLF) gapped up before the market opened on Tuesday . The stock had previously closed at $33.65, but opened at $35.90. Wolfspeed shares last traded at $33.8580, with a volume of 579,905 shares traded.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $20.00.

Wolfspeed Stock Up 4.7%

The stock has a 50-day moving average of $51.73 and a 200 day moving average of $30.82. The company has a market capitalization of $1.83 billion and a PE ratio of -3.32.

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

Institutional Trading of Wolfspeed

Large investors have recently bought and sold shares of the company. Canada Pension Plan Investment Board purchased a new position in shares of Wolfspeed in the second quarter worth about $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Wolfspeed during the 2nd quarter valued at approximately $34,000. Summit Securities Group LLC lifted its stake in shares of Wolfspeed by 71.0% during 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 in the last quarter. Marex Group plc bought a new position in Wolfspeed in the 2nd quarter worth approximately $44,000. Finally, Eastern Bank bought a new position in Wolfspeed in the 4th quarter worth approximately $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.