Wolfspeed (NYSE:WOLF) Trading Up 9.1%

Wolfspeed, Inc. (NYSE:WOLF)’s share price was up 9.1% on Monday . The company traded as high as $24.50 and last traded at $24.20. Approximately 4,051,210 shares changed hands during trading, a decline of 12% from the average daily volume of 4,617,105 shares. The stock had previously closed at $22.18.

Analyst Ratings Changes

A number of analysts recently weighed in on WOLF shares. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Wolfspeed from $35.00 to $30.00 and set a “hold” rating on the stock in a report on Tuesday. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. JPMorgan Chase & Co. decreased their target price on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday, April 11th. Piper Sandler decreased their price target on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, February 1st. Finally, Mizuho started coverage on shares of Wolfspeed in a report on Friday, April 5th. They issued a “neutral” rating and a $30.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $41.88.

Wolfspeed Price Performance

The company has a current ratio of 5.13, a quick ratio of 4.58 and a debt-to-equity ratio of 4.50. The company’s 50-day simple moving average is $26.71 and its two-hundred day simple moving average is $32.45.

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

Insider Buying and Selling at Wolfspeed

In related news, Director Darren R. Jackson bought 10,000 shares of the company’s stock in a transaction dated Friday, February 2nd. The stock was purchased at an average cost of $25.80 per share, with a total value of $258,000.00. Following the transaction, the director now owns 49,021 shares in the company, valued at approximately $1,264,741.80. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.85% of the stock is currently owned by corporate insiders.

Institutional Trading of Wolfspeed

Institutional investors and hedge funds have recently bought and sold shares of the company. Slow Capital Inc. boosted its holdings in shares of Wolfspeed by 5.9% in the third quarter. Slow Capital Inc. now owns 43,220 shares of the company’s stock worth $1,647,000 after buying an additional 2,419 shares during the last quarter. Hardman Johnston Global Advisors LLC boosted its holdings in shares of Wolfspeed by 0.9% in the third quarter. Hardman Johnston Global Advisors LLC now owns 633,813 shares of the company’s stock worth $24,148,000 after buying an additional 5,760 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in shares of Wolfspeed by 27.0% in the third quarter. Commonwealth Equity Services LLC now owns 39,392 shares of the company’s stock worth $1,501,000 after buying an additional 8,374 shares during the last quarter. Raymond James & Associates boosted its holdings in shares of Wolfspeed by 1.6% in the third quarter. Raymond James & Associates now owns 181,867 shares of the company’s stock worth $6,929,000 after buying an additional 2,943 shares during the last quarter. Finally, Weybosset Research & Management LLC boosted its holdings in shares of Wolfspeed by 5.7% in the third quarter. Weybosset Research & Management LLC now owns 13,959 shares of the company’s stock worth $532,000 after buying an additional 748 shares during 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.