Wolfspeed (NYSE:WOLF) Shares Gap Up to $22.57

Shares of Wolfspeed, Inc. (NYSE:WOLF) gapped up prior to trading on Wednesday . The stock had previously closed at $22.57, but opened at $23.62. Wolfspeed shares last traded at $24.32, with a volume of 1,051,383 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Wells Fargo & Company reissued an “equal weight” rating and set a $30.00 price target (down from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. Deutsche Bank Aktiengesellschaft decreased their target price on Wolfspeed from $35.00 to $30.00 and set a “hold” rating for the company in a research note on Tuesday. Mizuho started coverage on Wolfspeed in a research report on Friday, April 5th. They set a “neutral” rating and a $30.00 price target on the stock. Susquehanna decreased their price objective on Wolfspeed from $35.00 to $25.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, JPMorgan Chase & Co. lowered their target price on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research note on Thursday, April 11th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and a consensus target price of $41.88.

Wolfspeed Trading Up 1.6 %

The firm has a market cap of $3.13 billion, a price-to-earnings ratio of -4.09 and a beta of 1.66. The company has a debt-to-equity ratio of 4.50, a current ratio of 5.13 and a quick ratio of 4.58. The business has a 50-day moving average of $26.63 and a 200-day moving average of $32.40.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. The company had revenue of $208.40 million during the quarter, compared to the consensus estimate of $205.94 million. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. Research analysts anticipate that Wolfspeed, Inc. will post -3.05 EPS for the current year.

Insider Buying and Selling

In other Wolfspeed news, Director Darren R. Jackson acquired 10,000 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were purchased at an average price of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the purchase, the director now directly owns 49,021 shares of the company’s stock, valued at $1,264,741.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.62% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. TFO Wealth Partners LLC boosted its position in Wolfspeed by 57,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after purchasing an additional 574 shares during the period. Independence Bank of Kentucky boosted its stake in Wolfspeed by 97.0% in the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after purchasing an additional 350 shares during the period. Fifth Third Bancorp grew its stake in shares of Wolfspeed by 56.9% in the first quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock valued at $37,000 after acquiring an additional 452 shares in the last quarter. Rakuten Securities Inc. acquired a new stake in Wolfspeed in the 4th quarter worth about $48,000. Finally, GAMMA Investing LLC bought a new stake in Wolfspeed in the 4th quarter valued at about $56,000.

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.