Wolfspeed (NYSE:WOLF) Trading Up 3.9%

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Piper Sandler lowered 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. lowered their price objective on Wolfspeed from $44.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Wolfspeed currently has an average rating of “Hold” and an average price target of $46.40.

Wolfspeed Price Performance

The firm has a market capitalization of $3.70 billion, a P/E ratio of -4.85 and a beta of 1.65. The business has a fifty day moving average of $28.44 and a 200-day moving average of $34.16. The company has a debt-to-equity ratio of 4.50, a quick ratio of 4.58 and a current ratio of 5.13.

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

Insider Transactions at Wolfspeed

In related news, Director Darren R. Jackson bought 10,000 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were bought at an average cost of $25.80 per share, with a total value of $258,000.00. Following the completion of the transaction, 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 Securities & Exchange Commission, which is available through this hyperlink. 0.62% of the stock is owned by insiders.

Institutional Trading of Wolfspeed

Large investors have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. increased its stake in shares of Wolfspeed by 234.5% in the third quarter. Envestnet Asset Management Inc. now owns 168,103 shares of the company’s stock worth $6,405,000 after acquiring an additional 117,848 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Wolfspeed by 1.5% in the third quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock worth $475,171,000 after acquiring an additional 188,236 shares during the last quarter. Boston Partners acquired a new position in shares of Wolfspeed in the third quarter worth $2,032,000. UBS Group AG increased its stake in shares of Wolfspeed by 57.5% in the third quarter. UBS Group AG now owns 219,080 shares of the company’s stock worth $8,347,000 after acquiring an additional 80,011 shares during the last quarter. Finally, UniSuper Management Pty Ltd increased its stake in shares of Wolfspeed by 86.7% in the third quarter. UniSuper Management Pty Ltd now owns 703,822 shares of the company’s stock worth $26,816,000 after acquiring an additional 326,810 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.