Wolfspeed (NYSE:WOLF) Shares Gap Up - Here's What Happened

Shares of Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $4.46, but opened at $4.64. Wolfspeed shares last traded at $4.33, with a volume of 13,011,898 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on WOLF shares. Canaccord Genuity Group decreased their price objective on Wolfspeed from $18.00 to $10.00 and set a "buy" rating on the stock in a report on Thursday, January 30th. Susquehanna decreased their price target on Wolfspeed from $11.00 to $7.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 22nd. Bank of America dropped their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an "underperform" rating for the company in a research note on Thursday, January 30th. Piper Sandler decreased their target price on shares of Wolfspeed from $18.00 to $10.00 and set an "overweight" rating on the stock in a research report on Thursday, January 30th. Finally, The Goldman Sachs Group dropped their price target on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Three analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Wolfspeed has an average rating of "Hold" and an average price target of $12.17.

Wolfspeed Stock Down 4.0 %

The firm has a 50-day simple moving average of $4.04 and a 200 day simple moving average of $6.80. The company has a market capitalization of $546.74 million, a PE ratio of -0.56 and a beta of 1.69. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47.

Insider Activity at Wolfspeed

In related news, CFO Neill Reynolds sold 13,909 shares of the firm's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $3.99, for a total transaction of $55,496.91. Following the completion of the sale, the chief financial officer now directly owns 195,257 shares of the company's stock, valued at approximately $779,075.43. This trade represents a 6.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.84% of the company's stock.

Hedge Funds Weigh In On Wolfspeed

Institutional investors have recently added to or reduced their stakes in the company. Frontier Capital Management Co. LLC increased its position in shares of Wolfspeed by 94.2% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company's stock worth $13,658,000 after acquiring an additional 995,020 shares during the last quarter. SG Americas Securities LLC grew its stake in Wolfspeed by 422.0% during the 1st quarter. SG Americas Securities LLC now owns 533,965 shares of the company's stock valued at $1,634,000 after purchasing an additional 431,680 shares in the last quarter. Erste Asset Management GmbH increased its holdings in Wolfspeed by 77.4% during the 4th quarter. Erste Asset Management GmbH now owns 793,518 shares of the company's stock worth $5,773,000 after purchasing an additional 346,319 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Wolfspeed by 38.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company's stock valued at $8,040,000 after buying an additional 335,966 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Wolfspeed by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company's stock worth $106,056,000 after buying an additional 299,304 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.

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