Wolfspeed (NYSE:WOLF) Shares Up 8.6% - Here's Why

Key Points

• Wolfspeed (NYSE:WOLF) shares increased by 8.6% on Wednesday, trading as high as $28.99 after closing at $26.69.
• Weiss Ratings reaffirmed a "sell (e+)" rating for Wolfspeed, with an average rating of "Reduce" and a consensus target price of $9.80.
• Recent institutional activity saw several investors acquiring new stakes in Wolfspeed, with notable investments around $28,000 to $32,000 during recent quarters.

Wolfspeed (NYSE:WOLF - Get Free Report) rose 8.6% on Wednesday . The company traded as high as $28.13 and last traded at $28.99. Approximately 846,208 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 11,904,349 shares. The stock had previously closed at $26.69.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Wolfspeed in a research report on Saturday, September 27th. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and five have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus target price of $9.80.

Wolfspeed Stock Up 7.8%

The firm has a 50-day moving average of $4.95 and a 200 day moving average of $3.19. The company has a debt-to-equity ratio of 30.65, a current ratio of 0.36 and a quick ratio of 0.30. The stock has a market capitalization of $743.39 million, a price-to-earnings ratio of -2.55 and a beta of 1.29.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. N.E.W. Advisory Services LLC acquired a new position in Wolfspeed during the first quarter valued at approximately $28,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Wolfspeed in the second quarter valued at approximately $28,000. Beacon Capital Management LLC acquired a new stake in shares of Wolfspeed in the first quarter valued at approximately $31,000. Caitlin John LLC acquired a new stake in shares of Wolfspeed in the second quarter valued at approximately $31,000. Finally, Wealthfront Advisers LLC acquired a new stake in shares of Wolfspeed in the first quarter valued at approximately $32,000.

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.

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