Wolfspeed (NYSE:WOLF) Sees Large Volume Increase - What's Next?

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) shares saw unusually-strong trading volume on Tuesday . Approximately 16,977,920 shares changed hands during trading, an increase of 27% from the previous session's volume of 13,369,599 shares.The stock last traded at $3.89 and had previously closed at $4.13.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Susquehanna lowered their price target on Wolfspeed from $11.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, January 22nd. The Goldman Sachs Group cut their price target on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Bank of America reduced their price target on shares of Wolfspeed from $9.50 to $6.00 and set an "underperform" rating for the company in a research report on Thursday, January 30th. StockNews.com upgraded Wolfspeed to a "sell" rating in a research report on Monday, January 6th. Finally, Piper Sandler decreased their target price on Wolfspeed from $18.00 to $10.00 and set an "overweight" rating for the company in a research report on Thursday, January 30th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $13.15.

Wolfspeed Trading Up 29.9 %

The company has a market cap of $597.31 million, a price-to-earnings ratio of -0.60 and a beta of 1.69. The business has a fifty day simple moving average of $4.06 and a 200 day simple moving average of $6.99. 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 - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate 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, equities analysts anticipate that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Insider Buying and Selling

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the company's stock in a transaction on Monday, April 28th. The stock was sold at an average price of $3.99, for a total value of $55,496.91. Following the sale, the chief financial officer now owns 195,257 shares of the company's stock, valued at approximately $779,075.43. This represents a 6.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.84% of the company's stock.

Institutional Investors Weigh In On Wolfspeed

Large investors have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp grew its position in shares of Wolfspeed by 1,240.6% in the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock valued at $26,000 after purchasing an additional 3,548 shares during the last quarter. R Squared Ltd acquired a new stake in Wolfspeed during the 4th quarter valued at $28,000. Steward Partners Investment Advisory LLC raised its holdings in shares of Wolfspeed by 192.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock worth $29,000 after acquiring an additional 2,912 shares during the last quarter. KBC Group NV raised its holdings in shares of Wolfspeed by 76.5% in the fourth quarter. KBC Group NV now owns 6,064 shares of the company's stock worth $40,000 after acquiring an additional 2,629 shares during the last quarter. Finally, Allworth Financial LP lifted its position in shares of Wolfspeed by 38.1% in the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company's stock valued at $44,000 after acquiring an additional 1,949 shares in the last quarter.

About Wolfspeed

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.