Wolfspeed (NYSE:WOLF) Trading Up 9.1%

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

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on WOLF shares. Piper Sandler dropped their target price on shares of Wolfspeed from $55.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, February 1st. Mizuho started coverage on shares of Wolfspeed in a research report on Friday, April 5th. They issued a "neutral" rating and a $30.00 target price on the stock. Wells Fargo & Company reiterated an "equal weight" rating and issued a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. Susquehanna reiterated a "neutral" rating and issued a $35.00 target price on shares of Wolfspeed in a research report on Monday, April 8th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Wolfspeed from $43.00 to $35.00 and set a "neutral" rating on the stock in a research report on Thursday, April 11th. One equities 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 stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $43.63.

Wolfspeed Stock Performance

The firm's 50 day moving average price is $26.81 and its two-hundred day moving average price is $32.53. The company has a debt-to-equity ratio of 4.50, a quick ratio of 4.58 and a current ratio of 5.13. The firm has a market cap of $3.01 billion, a PE ratio of -3.94 and a beta of 1.66.

Wolfspeed (NYSE:WOLF - Get Free Report) last posted 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. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. The business had revenue of $208.40 million during the quarter, compared to analysts' expectations of $205.94 million. On average, research analysts forecast that Wolfspeed, Inc. will post -3.05 earnings per share for the current year.

Insider Transactions at Wolfspeed

In related news, Director Darren R. Jackson acquired 10,000 shares of the firm's stock in a transaction dated Friday, February 2nd. The shares were purchased at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the acquisition, the director now owns 49,021 shares in the company, valued at approximately $1,264,741.80. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.62% of the company's stock.

Hedge Funds Weigh In On Wolfspeed

Several large investors have recently made changes to their positions in the stock. TFO Wealth Partners LLC lifted its holdings in Wolfspeed by 57,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company's stock worth $25,000 after buying an additional 574 shares in the last quarter. Independence Bank of Kentucky lifted its holdings in Wolfspeed by 97.0% during the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company's stock worth $31,000 after buying an additional 350 shares in the last quarter. Rakuten Securities Inc. acquired a new stake in Wolfspeed during the 4th quarter worth approximately $48,000. GAMMA Investing LLC acquired a new stake in Wolfspeed during the 4th quarter worth approximately $56,000. Finally, Aspire Private Capital LLC acquired a new stake in shares of Wolfspeed in the 3rd quarter valued at $76,000.

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.