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

Wolfspeed, Inc. (NYSE:WOLF) gapped up prior to trading on Thursday . The stock had previously closed at $6.94, but opened at $7.40. Wolfspeed shares last traded at $7.18, with a volume of 5,581,146 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on WOLF shares. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a report on Monday, January 6th. JPMorgan Chase & Co. lowered their target price on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Piper Sandler cut their price target on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Mizuho dropped their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a report on Tuesday, November 19th. Finally, Canaccord Genuity Group decreased their price target on Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Wolfspeed currently has a consensus rating of “Hold” and an average target price of $14.86.

Wolfspeed Price Performance

The stock has a market cap of $869.07 million, a PE ratio of -0.89 and a beta of 1.43. The business’s 50-day simple moving average is $6.44 and its 200-day simple moving average is $9.17. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. On average, research analysts expect that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WOLF. American Trust bought a new position in Wolfspeed during the 4th quarter valued at approximately $68,000. PharVision Advisers LLC purchased a new position in shares of Wolfspeed in the 4th quarter worth about $72,000. Voloridge Investment Management LLC boosted its stake in Wolfspeed by 0.7% in the 4th quarter. Voloridge Investment Management LLC now owns 1,915,695 shares of the company’s stock worth $12,759,000 after purchasing an additional 12,660 shares in the last quarter. Wexford Capital LP purchased a new stake in Wolfspeed during the 4th quarter valued at about $83,000. Finally, Raiffeisen Bank International AG bought a new stake in Wolfspeed during the 4th quarter valued at about $1,782,000.

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.