Wolfspeed (NYSE:WOLF) Trading 3.9% Higher

Wolfspeed, Inc. (NYSE:WOLF) shares traded up 3.9% during mid-day trading on Thursday . The company traded as high as $29.91 and last traded at $29.69. 388,533 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 4,753,938 shares. The stock had previously closed at $28.58.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Piper Sandler decreased their price objective on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, February 1st. JPMorgan Chase & Co. reduced their price target on Wolfspeed from $44.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday, February 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $46.40.

Wolfspeed Price Performance

The firm has a market capitalization of $3.71 billion, a PE ratio of -4.85 and a beta of 1.65. 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 firm has a 50-day simple moving average of $28.34 and a 200-day simple moving average of $34.04.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.10. The business had revenue of $208.40 million for the quarter, compared to analysts’ expectations of $205.94 million. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. As a group, equities analysts forecast that Wolfspeed, Inc. will post -3.05 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Darren R. Jackson acquired 10,000 shares of the stock in a transaction dated Friday, February 2nd. The shares were purchased at an average cost of $25.80 per share, with a total value of $258,000.00. Following the transaction, the director now directly owns 49,021 shares in the company, valued at $1,264,741.80. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in WOLF. TFO Wealth Partners LLC lifted its holdings in Wolfspeed by 57,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after purchasing an additional 574 shares in the last quarter. Independence Bank of Kentucky lifted its holdings in Wolfspeed by 97.0% in the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after purchasing an additional 350 shares in the last quarter. First Manhattan CO. LLC. bought a new stake in Wolfspeed in the 1st quarter worth approximately $39,000. Penserra Capital Management LLC bought a new stake in Wolfspeed in the 4th quarter worth approximately $43,000. Finally, Rakuten Securities Inc. bought a new stake in Wolfspeed in the 4th quarter worth approximately $48,000.

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.