Wolfspeed (NYSE:WOLF) Shares Gap Up to $22.57

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report)'s share price gapped up prior to trading on Wednesday . The stock had previously closed at $22.57, but opened at $23.62. Wolfspeed shares last traded at $24.32, with a volume of 1,051,383 shares.

Analyst Ratings Changes

WOLF has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft reduced their target price on Wolfspeed from $35.00 to $30.00 and set a "hold" rating for the company in a report on Tuesday. JPMorgan Chase & Co. dropped their price target on Wolfspeed from $43.00 to $35.00 and set a "neutral" rating on the stock in a research note on Thursday, April 11th. Susquehanna lowered their target price on Wolfspeed from $35.00 to $25.00 and set a "neutral" rating on the stock in a research report on Tuesday. Mizuho began coverage on Wolfspeed in a research report on Friday, April 5th. They set a "neutral" rating and a $30.00 target price on the stock. Finally, Piper Sandler lowered their target price on Wolfspeed from $55.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, February 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $41.88.

Wolfspeed Stock Up 8.4 %

The company has a debt-to-equity ratio of 4.50, a current ratio of 5.13 and a quick ratio of 4.58. The company has a 50-day moving average price of $26.71 and a 200 day moving average price of $32.45. The firm has a market capitalization of $3.08 billion, a PE ratio of -4.02 and a beta of 1.66.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.10. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. The firm had revenue of $208.40 million for the quarter, compared to analysts' expectations of $205.94 million. Analysts forecast that Wolfspeed, Inc. will post -3.05 earnings per share for the current year.

Insiders Place Their Bets

In other Wolfspeed news, Director Darren R. Jackson bought 10,000 shares of the company's stock in a transaction on Friday, February 2nd. The stock was acquired at an average price of $25.80 per share, for a total transaction 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 SEC, which can be accessed through this link. 0.85% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. TFO Wealth Partners LLC boosted its holdings in shares of Wolfspeed by 57,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company's stock valued at $25,000 after purchasing an additional 574 shares during the period. Independence Bank of Kentucky boosted its holdings in shares of Wolfspeed by 97.0% in the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company's stock valued at $31,000 after purchasing an additional 350 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Wolfspeed by 56.9% in the first quarter. Fifth Third Bancorp now owns 1,246 shares of the company's stock valued at $37,000 after purchasing an additional 452 shares during the period. Rakuten Securities Inc. purchased a new stake in shares of Wolfspeed in the fourth quarter valued at approximately $48,000. Finally, GAMMA Investing LLC purchased a new stake in shares of Wolfspeed in the fourth quarter valued at approximately $56,000.

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.