Wolfspeed (NYSE:WOLF) Trading Up 7.5% – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF)’s stock price was up 7.5% on Monday . The company traded as high as $7.24 and last traded at $7.20. Approximately 4,327,523 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 6,830,878 shares. The stock had previously closed at $6.70.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. cut their price target on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. TD Cowen decreased their price objective on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. Canaccord Genuity Group lowered their price target on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. The Goldman Sachs Group cut their target price on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Finally, Susquehanna reduced their price target on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $17.36.

Wolfspeed Trading Up 4.8 %

The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. The stock has a fifty day simple moving average of $10.81 and a 200 day simple moving average of $17.34. The firm has a market cap of $896.52 million, a P/E ratio of -1.22 and a beta of 1.46.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. The business had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.11 million. On average, research analysts expect that Wolfspeed, Inc. will post -4.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds have recently bought and sold shares of the stock. Mather Group LLC. grew its holdings in shares of Wolfspeed by 385.5% in the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after purchasing an additional 933 shares during the period. Eastern Bank acquired a new stake in shares of Wolfspeed in the 3rd quarter worth $27,000. GAMMA Investing LLC boosted its holdings in Wolfspeed by 416.4% in 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 in the last quarter. Signaturefd LLC grew its stake in shares of Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after purchasing an additional 1,544 shares during the period. Finally, Advisors Asset Management Inc. grew its position in Wolfspeed by 64.8% during the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after buying an additional 691 shares during the period.

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.