Wolfspeed (NYSE:WOLF) Trading Up 8.2% - What's Next?

Key Points

• Wolfspeed shares rose 8.2% to about $25.68 in Friday trading, though volume was roughly 70% below the average session.
• Analysts remain cautious: Wolfspeed has an overall “Hold” rating and a consensus price target of $25, with Susquehanna recently cutting its target from $40 to $30.
• The company beat quarterly loss expectations with an adjusted loss of $2.26 per share versus forecasts of $2.45, but revenue fell 24.1% year over year to $149.6 million.

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report)'s stock price traded up 8.2% on Friday . The stock traded as high as $25.37 and last traded at $25.6760. Approximately 1,296,483 shares changed hands during trading, a decline of 70% from the average session volume of 4,277,779 shares. The stock had previously closed at $23.74.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on WOLF. Wall Street Zen raised shares of Wolfspeed from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 22nd. Weiss Ratings raised Wolfspeed from a "sell (d-)" rating to a "sell (d)" rating in a report on Monday, August 24th. Susquehanna reduced their price target on Wolfspeed from $40.00 to $30.00 and set a "neutral" rating for the company in a research note on Tuesday, July 21st. Finally, TD Cowen restated a "hold" rating and issued a $25.00 price target on shares of Wolfspeed in a research note on Thursday, August 20th. One investment analyst has rated the stock with a Buy rating, three have given 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 a consensus target price of $25.00.

Wolfspeed Trading Up 8.2%

The firm has a market capitalization of $1.36 billion and a P/E ratio of -1.63. The company has a 50-day moving average of $27.73 and a 200-day moving average of $33.92.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its quarterly earnings results on Wednesday, August 19th. The company reported ($2.26) earnings per share for the quarter, topping analysts' consensus estimates of ($2.45) by $0.19. The business had revenue of $149.60 million for the quarter, compared to analyst estimates of $150.00 million. The business's revenue was down 24.1% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.77) earnings per share.

Hedge Funds Weigh In On Wolfspeed

Several institutional investors have recently modified their holdings of the business. Royal Bank of Canada purchased a new stake in Wolfspeed in the first quarter worth $89,000. FNY Investment Advisers LLC bought a new position in shares of Wolfspeed during the 2nd quarter worth $204,000. AXQ Capital LP bought a new position in shares of Wolfspeed during the 2nd quarter worth $208,000. Concurrent Investment Advisors LLC purchased a new stake in Wolfspeed in the 2nd quarter worth about $229,000. Finally, WINTON GROUP Ltd purchased a new stake in Wolfspeed in the 2nd quarter worth about $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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