Wolfspeed (NYSE:WOLF) Stock Crosses Above 50 Day Moving Average - Here's What Happened

Key Points

• Wolfspeed shares moved above their 50-day moving average of $26.30, reaching $28.70 before last trading at $27.63.
• Analysts’ consensus rating is Hold, with a $22.67 average price target; TD Cowen and Susquehanna recently cut their targets.
• Latest quarterly results showed an EPS loss of $2.03, missing estimates, while revenue of $155 million topped forecasts but fell 21.2% year over year.

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report)'s share price crossed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $26.30 and traded as high as $28.70. Wolfspeed shares last traded at $27.6330, with a volume of 2,521,781 shares changing hands.

Analyst Ratings Changes

Several research firms recently issued reports on WOLF. Zacks Research raised shares of Wolfspeed to a "hold" rating in a research note on Friday, September 25th. Weiss Ratings raised shares of Wolfspeed from a "sell (d)" rating to a "sell (d+)" rating in a research report on Monday. Wall Street Zen upgraded Wolfspeed from a "strong sell" rating to a "sell" rating in a report on Saturday, November 7th. TD Cowen reduced their price target on Wolfspeed from $25.00 to $23.00 and set a "hold" rating for the company in a research report on Thursday, November 5th. Finally, Susquehanna decreased their price target on Wolfspeed from $30.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, October 21st. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $22.67.

Wolfspeed Price Performance

The company has a market cap of $1.48 billion, a price-to-earnings ratio of -1.94 and a beta of 8.67. The firm has a fifty day simple moving average of $26.30 and a 200 day simple moving average of $30.31.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its quarterly earnings data on Wednesday, November 4th. The company reported ($2.03) earnings per share for the quarter, missing analysts' consensus estimates of ($1.99) by ($0.04). The firm had revenue of $155.00 million for the quarter, compared to analyst estimates of $149.86 million. During the same period last year, the firm earned ($0.55) EPS. The company's revenue was down 21.2% compared to the same quarter last year. Analysts expect that Wolfspeed, Inc. will post -8.27 earnings per share for the current year.

Hedge Funds Weigh In On Wolfspeed

Several large investors have recently made changes to their positions in the business. Valueworks LLC boosted its position in shares of Wolfspeed by 240.5% in the third quarter. Valueworks LLC now owns 503,250 shares of the company's stock valued at $14,156,000 after acquiring an additional 355,455 shares during the period. Global Retirement Partners LLC increased its position in Wolfspeed by 7,537.9% during the third quarter. Global Retirement Partners LLC now owns 4,430 shares of the company's stock worth $125,000 after acquiring an additional 4,372 shares during the period. Penn Capital Management Company LLC increased its position in Wolfspeed by 12.4% during the third quarter. Penn Capital Management Company LLC now owns 577,475 shares of the company's stock worth $16,270,000 after acquiring an additional 63,500 shares during the period. CenterBook Partners LP bought a new position in Wolfspeed during the third quarter worth $2,990,000. Finally, Prescott Group Capital Management L.L.C. acquired a new position in Wolfspeed during the 3rd quarter valued at $3,094,000.

Wolfspeed Company Profile

Wolfspeed develops and manufactures silicon carbide (SiC) materials and power semiconductor products. Its offerings include SiC wafers and epitaxial wafers, as well as power devices such as MOSFETs, diodes and modules used to convert and manage electrical power. The company's products serve applications including electric vehicles, renewable energy, energy storage, industrial equipment and data centers. Wolfspeed supplies customers across global markets. Wolfspeed was formerly known as Cree, Inc. and adopted the Wolfspeed name in 2021 as it focused its business on wide-bandgap semiconductor materials and devices.

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