Wolfspeed, Inc. (NYSE:WOLF – Get Free Report) shot up 4.5% on Friday. The stock traded as high as $27.46 and last traded at $27.4870. Approximately 526,773 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 4,228,840 shares. The stock had previously closed at $26.30.
Analysts Set New Price Targets
WOLF has been the topic of several research reports. Weiss Ratings raised shares of Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a research report on Monday, August 24th. Wall Street Zen cut Wolfspeed from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 19th. TD Cowen reiterated a “hold” rating and issued a $25.00 target price on shares of Wolfspeed in a report on Thursday, August 20th. Finally, Susquehanna reduced their price target on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 21st. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $25.00.
Check Out Our Latest Report on WOLF
Wolfspeed Price Performance
Wolfspeed (NYSE:WOLF – Get Free Report) last posted its quarterly earnings results on Wednesday, August 19th. The company reported ($2.26) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.45) by $0.19. The business had revenue of $149.60 million during the quarter, compared to analyst estimates of $150.00 million. The firm’s quarterly revenue was down 24.1% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.77) earnings per share.
Hedge Funds Weigh In On Wolfspeed
Several hedge funds have recently added to or reduced their stakes in WOLF. Royal Bank of Canada acquired a new stake in Wolfspeed during the first quarter worth approximately $89,000. FNY Investment Advisers LLC purchased a new stake in shares of Wolfspeed in the 2nd quarter valued at about $204,000. AXQ Capital LP acquired a new stake in shares of Wolfspeed in the 2nd quarter valued at about $208,000. Concurrent Investment Advisors LLC purchased a new position in Wolfspeed during the 2nd quarter worth approximately $229,000. Finally, WINTON GROUP Ltd acquired a new stake in shares of Wolfspeed in the second quarter valued at approximately $299,000.
About Wolfspeed
Wolfspeed, Inc is a semiconductor company focused on silicon carbide and gallium nitride technologies. The company develops and manufactures power semiconductors, materials and related components designed to improve energy efficiency and performance in high-power electrical systems.
Its product portfolio includes silicon carbide materials, discrete power devices, power modules and radio-frequency products. These products serve applications such as electric vehicles, charging infrastructure, renewable energy systems, industrial equipment, telecommunications, aerospace and defense.
Wolfspeed was formerly known as Cree, Inc, which was founded in 1987.
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