Wolfspeed (NYSE:WOLF) Trading Up 10.3% – What’s Next?

Wolfspeed, Inc. (NYSE:WOLF)’s share price traded up 10.3% on Tuesday . The company traded as high as $6.83 and last traded at $6.82. 4,439,411 shares were traded during trading, a decline of 75% from the average session volume of 17,687,512 shares. The stock had previously closed at $6.18.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Canaccord Genuity Group dropped their target price on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Mizuho lowered their price objective on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a report on Tuesday, November 19th. Piper Sandler lowered their price objective on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a report on Monday, January 6th. Finally, Susquehanna lowered their target price on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, January 22nd. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $14.86.

Wolfspeed Stock Performance

The business’s 50-day simple moving average is $6.48 and its 200 day simple moving average is $9.24. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The firm has a market cap of $959.74 million, a P/E ratio of -0.98 and a beta of 1.43.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. As a group, equities analysts predict that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Insider Activity

In other news, Director Glenda Dorchak bought 3,592 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were bought at an average price of $8.33 per share, for a total transaction of $29,921.36. Following the purchase, the director now owns 18,688 shares in the company, valued at $155,671.04. This represents a 23.79 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of WOLF. Jones Financial Companies Lllp lifted its stake in shares of Wolfspeed by 1,240.6% during the 4th quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock valued at $26,000 after buying an additional 3,548 shares in the last quarter. Eastern Bank purchased a new position in shares of Wolfspeed during the 3rd quarter valued at $27,000. R Squared Ltd purchased a new position in shares of Wolfspeed during the 4th quarter valued at $28,000. Steward Partners Investment Advisory LLC lifted its stake in shares of Wolfspeed by 192.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock valued at $29,000 after buying an additional 2,912 shares in the last quarter. Finally, KBC Group NV lifted its stake in Wolfspeed by 76.5% in the 4th quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after purchasing an additional 2,629 shares in the last quarter.

Wolfspeed Company Profile

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.