Wolfspeed (NYSE:WOLF) Reaches New 12-Month High - Still a Buy?

Key Points

• Wolfspeed Inc. reached a new 52-week high of $36.60 and closed at $35.73, accompanied by a trading volume of over 3 million shares.
• Analysts are divided on the stock, with four rating it as a Buy and five as Sell, while the average target price stands at $9.80.
• Institutional investors are showing interest, with significant increases in holdings by firms like Vanguard Group Inc., which raised its stake by 18.8% in the first quarter.

Wolfspeed Inc (NYSE:WOLF - Get Free Report)'s stock price hit a new 52-week high on Thursday . The company traded as high as $36.60 and last traded at $35.73, with a volume of 3031290 shares traded. The stock had previously closed at $30.36.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a "sell (e+)" rating on shares of Wolfspeed in a report on Saturday, September 27th. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus target price of $9.80.

Wolfspeed Stock Up 16.4%

The stock has a market cap of $913.19 million and a P/E ratio of -3.14. The firm's fifty day moving average price is $5.53 and its 200-day moving average price is $3.38.

Hedge Funds Weigh In On Wolfspeed

Several institutional investors and hedge funds have recently added to or reduced their stakes in WOLF. Vanguard Group Inc. raised its position in shares of Wolfspeed by 18.8% in the 1st quarter. Vanguard Group Inc. now owns 18,913,793 shares of the company's stock worth $57,876,000 after purchasing an additional 2,989,503 shares during the last quarter. Two Seas Capital LP purchased a new stake in Wolfspeed during the 2nd quarter valued at $962,000. Shah Capital Management purchased a new position in shares of Wolfspeed in the first quarter worth $6,586,000. Neuberger Berman Group LLC lifted its holdings in shares of Wolfspeed by 72.7% during the first quarter. Neuberger Berman Group LLC now owns 4,329,584 shares of the company's stock valued at $13,723,000 after purchasing an additional 1,822,958 shares in the last quarter. Finally, Jump Financial LLC bought a new stake in Wolfspeed in the 1st quarter worth about $4,402,000.

About Wolfspeed

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.

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