Wolfspeed (NYSE:WOLF) Stock Price Up 8.1% – What’s Next?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price rose 8.1% during trading on Monday . The stock traded as high as $7.91 and last traded at $7.75. Approximately 2,914,456 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 8,819,156 shares. The stock had previously closed at $7.17.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Canaccord Genuity Group decreased their price objective on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. The Goldman Sachs Group lowered their price target on Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. JPMorgan Chase & Co. dropped their price target on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Mizuho decreased their price objective 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 dropped their target price on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Trading Down 16.3 %

The company has a fifty day simple moving average of $8.76 and a two-hundred day simple moving average of $12.63. The company has a market capitalization of $756.06 million, a P/E ratio of -0.99 and a beta of 1.43. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, Chairman Thomas H. Werner acquired 37,500 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were acquired at an average cost of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the purchase, the chairman now owns 108,549 shares of the company’s stock, valued at approximately $708,824.97. This trade represents a 52.78 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Darren R. Jackson bought 36,975 shares of the stock in a transaction on Wednesday, November 20th. The stock was acquired at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the acquisition, the director now directly owns 85,996 shares in the company, valued at approximately $581,332.96. The trade was a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 78,067 shares of company stock worth $524,747 over the last 90 days. Insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors have recently added to or reduced their stakes in WOLF. Eastern Bank bought a new stake in shares of Wolfspeed in the 3rd quarter worth approximately $27,000. GAMMA Investing LLC increased 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 buying an additional 3,664 shares during the period. Asset Management One Co. Ltd. raised its stake in shares of Wolfspeed by 69.0% in the 3rd quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock valued at $69,000 after buying an additional 2,885 shares in the last quarter. Ground Swell Capital LLC bought a new position in shares of Wolfspeed during the 3rd quarter worth about $99,000. Finally, US Bancorp DE boosted its position in shares of Wolfspeed by 225.9% during the 3rd quarter. US Bancorp DE now owns 11,343 shares of the company’s stock valued at $110,000 after acquiring an additional 7,863 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.