Wolfspeed, Inc. (NYSE:WOLF – Get Free Report)’s share price shot up 14% during mid-day trading on Thursday . The stock traded as high as $66.90 and last traded at $66.8450. 1,544,252 shares changed hands during trading, a decline of 56% from the average session volume of 3,548,954 shares. The stock had previously closed at $58.62.
Analysts Set New Price Targets
Several research firms have issued reports on WOLF. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Piper Sandler reiterated an “overweight” rating and set a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. Zacks Research raised Wolfspeed to a “hold” rating in a report on Monday, February 9th. Finally, Susquehanna cut their price target on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $20.00.
Get Our Latest Stock Report on WOLF
Wolfspeed Stock Up 20.9%
Wolfspeed (NYSE:WOLF – Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.78) by $0.52. The business had revenue of $150.20 million during the quarter, compared to the consensus estimate of $150.00 million. During the same period in the prior year, the firm earned ($0.72) earnings per share. The business’s quarterly revenue was down 19.0% compared to the same quarter last year.
Institutional Trading of Wolfspeed
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WOLF. Renesas Electronics America Inc. bought a new position in Wolfspeed during the fourth quarter worth about $293,400,000. Capital Research Global Investors bought a new position in Wolfspeed during the third quarter worth about $79,426,000. UBS Group AG boosted its holdings in Wolfspeed by 3,413.9% during the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock worth $22,103,000 after buying an additional 1,233,419 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Wolfspeed by 94.3% during the first 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 buying an additional 906,968 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Wolfspeed by 176.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after buying an additional 881,603 shares during the last quarter.
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.
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