Wolfspeed (NYSE:WOLF - Get Free Report) shot up 3.8% on Wednesday . The company traded as high as $0.86 and last traded at $0.82. 50,322,416 shares traded hands during mid-day trading, an increase of 127% from the average session volume of 22,200,714 shares. The stock had previously closed at $0.79.
Wall Street Analyst Weigh In
A number of research firms have recently weighed in on WOLF. Citigroup reiterated a "sell" rating and issued a $3.00 price target (down from $7.00) on shares of Wolfspeed in a research report on Friday, May 9th. Piper Sandler dropped their price target 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. 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. Finally, JPMorgan Chase & Co. restated an "underweight" rating on shares of Wolfspeed in a research report on Friday, May 9th. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Wolfspeed has a consensus rating of "Hold" and an average price target of $11.15.
Read Our Latest Research Report on WOLF
Wolfspeed Trading Down 2.5%
The business's 50 day simple moving average is $2.12 and its two-hundred day simple moving average is $4.25. The stock has a market cap of $119.84 million, a P/E ratio of -0.09 and a beta of 1.09. The company has a quick ratio of 3.90, a current ratio of 4.64 and a debt-to-equity ratio of 30.65.
Wolfspeed (NYSE:WOLF - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.72) earnings per share for the quarter, topping analysts' consensus estimates of ($0.82) by $0.10. The firm had revenue of $185.40 million for the quarter, compared to analysts' expectations of $190.03 million. Wolfspeed had a negative net margin of 146.43% and a negative return on equity of 103.97%. The company's revenue was down 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.62) earnings per share. As a group, analysts expect that Wolfspeed will post -4 EPS for the current year.
Insider Buying and Selling at Wolfspeed
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 sale, the chief financial officer owned 195,257 shares of the company's stock, valued at $779,075.43. The trade was a 6.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.84% of the stock is currently owned by corporate insiders.
Institutional Trading of Wolfspeed
Several institutional investors have recently modified their holdings of WOLF. Vanguard Group Inc. grew its stake in shares of Wolfspeed by 18.8% in the first quarter. Vanguard Group Inc. now owns 18,913,793 shares of the company's stock worth $57,876,000 after purchasing an additional 2,989,503 shares during the last quarter. Shah Capital Management acquired a new position in Wolfspeed in the first quarter valued at $6,586,000. Neuberger Berman Group LLC lifted its holdings in Wolfspeed by 72.7% in the first quarter. Neuberger Berman Group LLC now owns 4,329,584 shares of the company's stock valued at $13,723,000 after buying an additional 1,822,958 shares during the period. Jump Financial LLC acquired a new position in Wolfspeed in the first quarter valued at $4,402,000. Finally, Frontier Capital Management Co. LLC lifted its holdings in Wolfspeed by 94.2% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company's stock valued at $13,658,000 after buying an additional 995,020 shares during the period.
About Wolfspeed
(
Get Free Report)
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.
Further Reading
Before you consider Wolfspeed, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Wolfspeed wasn't on the list.
While Wolfspeed currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
