Shares of Wolfspeed, Inc. (NYSE:WOLF – Get Free Report) 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 changing hands.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on the company. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and a consensus target price of $20.00.
Check Out Our Latest Research Report on Wolfspeed
Wolfspeed Stock Up 4.7%
Wolfspeed (NYSE:WOLF – Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share for the quarter, beating the consensus estimate of ($3.78) by $0.52. The business had revenue of $150.20 million during the quarter, compared to analysts’ expectations of $150.00 million. The business’s revenue was down 19.0% on a year-over-year basis. During the same period in the previous year, the business earned ($0.72) EPS.
Institutional Investors Weigh In On Wolfspeed
Institutional investors and hedge funds have recently bought and sold shares of the stock. Summit Securities Group LLC raised its position 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. Eastern Bank bought a new stake in shares of Wolfspeed during the 4th quarter worth $46,000. FNY Investment Advisers LLC purchased a new position in Wolfspeed in the second quarter worth $204,000. Royal Bank of Canada purchased a new position in Wolfspeed in the first quarter worth $89,000. Finally, Next Level Private LLC bought a new position in Wolfspeed in the second quarter valued at $434,000.
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.
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