Wolfspeed (NYSE:WOLF) Shares Gap Up – Here’s What Happened

Shares of Wolfspeed, Inc. (NYSE:WOLF) gapped up prior to trading on Thursday . The stock had previously closed at $5.14, but opened at $5.39. Wolfspeed shares last traded at $5.70, with a volume of 4,756,830 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. The Goldman Sachs Group dropped their target price on Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Roth Mkm decreased their price target on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Bank of America decreased their price target on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a research report on Thursday, January 30th. Mizuho decreased their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research report on Tuesday, November 19th. Finally, Susquehanna decreased their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, January 22nd. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $14.86.

Wolfspeed Trading Up 4.3 %

The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. The business has a 50-day moving average price of $6.63 and a 200 day moving average price of $9.51.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. As a group, analysts forecast that Wolfspeed, Inc. will post -4.15 earnings per share for the current fiscal year.

Insider Transactions at Wolfspeed

In other Wolfspeed news, Director Darren R. Jackson purchased 36,975 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was acquired at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the purchase, the director now owns 85,996 shares of the company’s stock, valued at approximately $581,332.96. This represents a 75.43 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Thomas H. Werner purchased 37,500 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was acquired at an average price of $6.53 per share, with a total value of $244,875.00. Following the purchase, the chairman now directly owns 108,549 shares in the company, valued at $708,824.97. This represents a 52.78 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 78,067 shares of company stock worth $524,747 in the last three months. Corporate insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC bought a new position in shares of Wolfspeed during the 2nd quarter valued at about $220,000. GAMMA Investing LLC boosted its holdings in shares of Wolfspeed by 416.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after purchasing an additional 3,664 shares during the last quarter. Creative Planning bought a new position in shares of Wolfspeed during the 3rd quarter valued at about $224,000. Vontobel Holding Ltd. boosted its holdings in shares of Wolfspeed by 5.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company’s stock valued at $364,000 after purchasing an additional 1,835 shares during the last quarter. Finally, Slow Capital Inc. boosted its holdings in shares of Wolfspeed by 53.2% during the 3rd quarter. Slow Capital Inc. now owns 210,496 shares of the company’s stock valued at $2,042,000 after purchasing an additional 73,107 shares during the last quarter.

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.