Wolfspeed (NYSE:WOLF) Trading Up 6.3% - Here's Why

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) shares traded up 6.3% during trading on Monday . The stock traded as high as $1.33 and last traded at $1.27. 7,623,102 shares traded hands during trading, a decline of 56% from the average session volume of 17,472,346 shares. The stock had previously closed at $1.19.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on WOLF. The Goldman Sachs Group lowered their price objective on Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. JPMorgan Chase & Co. reissued an "underweight" rating on shares of Wolfspeed in a report on Friday, May 9th. Citigroup restated a "sell" rating and set a $3.00 price target (down previously from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. Finally, Piper Sandler decreased their price objective on shares of Wolfspeed from $10.00 to $6.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $11.15.

Wolfspeed Price Performance

The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26. The stock's 50 day moving average price is $2.73 and its two-hundred day moving average price is $5.35. The stock has a market cap of $217.10 million, a price-to-earnings ratio of -0.18 and a beta of 1.62.

Wolfspeed (NYSE:WOLF - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.72) EPS for the quarter, beating the consensus estimate of ($0.82) by $0.10. The company had revenue of $185.40 million for the quarter, compared to analyst estimates of $190.03 million. Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. The firm's revenue was down 7.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.62) earnings per share. Equities research analysts forecast that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Neill Reynolds sold 13,909 shares of the business's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $3.99, for a total value of $55,496.91. Following the completion of the transaction, the chief financial officer now directly owns 195,257 shares in the company, valued at $779,075.43. The trade was a 6.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.84% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WOLF. Inspire Investing LLC grew its position in shares of Wolfspeed by 85.3% during the 1st quarter. Inspire Investing LLC now owns 112,872 shares of the company's stock valued at $345,000 after acquiring an additional 51,945 shares during the period. Rhumbline Advisers boosted its position in Wolfspeed by 10.8% during the first quarter. Rhumbline Advisers now owns 342,505 shares of the company's stock worth $1,048,000 after purchasing an additional 33,361 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Wolfspeed by 94.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company's stock worth $5,718,000 after purchasing an additional 906,968 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Wolfspeed by 176.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company's stock valued at $4,224,000 after purchasing an additional 881,603 shares during the period. Finally, MAI Capital Management increased its position in shares of Wolfspeed by 894.9% in the first quarter. MAI Capital Management now owns 10,815 shares of the company's stock valued at $33,000 after buying an additional 9,728 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.