Wolfspeed (NYSE:WOLF) Stock Price Up 4.3% - Should You Buy?

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report)'s share price was up 4.3% during mid-day trading on Monday . The company traded as high as $1.36 and last traded at $1.35. Approximately 2,769,241 shares changed hands during trading, a decline of 85% from the average daily volume of 18,051,822 shares. The stock had previously closed at $1.29.

Wall Street Analysts Forecast Growth

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

Wolfspeed Trading Up 1.9%

The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The company has a market cap of $204.65 million, a P/E ratio of -0.17 and a beta of 1.29. The stock has a 50-day moving average of $2.53 and a two-hundred day moving average of $4.97.

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

Insider Buying and Selling

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the company's stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $3.99, for a total value of $55,496.91. Following the completion of the sale, the chief financial officer now owns 195,257 shares in the company, valued at $779,075.43. This represents a 6.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Wolfspeed

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Wolfspeed by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company's stock valued at $106,056,000 after buying an additional 299,304 shares during the last quarter. Raiffeisen Bank International AG bought a new position in Wolfspeed during the fourth quarter valued at approximately $1,782,000. Charles Schwab Investment Management Inc. boosted its stake in Wolfspeed by 38.6% during the fourth 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. Stifel Financial Corp boosted its stake in Wolfspeed by 413.0% during the fourth quarter. Stifel Financial Corp now owns 137,690 shares of the company's stock valued at $917,000 after buying an additional 110,848 shares during the last quarter. Finally, South Dakota Investment Council boosted its holdings in shares of Wolfspeed by 26.4% in the 4th quarter. South Dakota Investment Council now owns 717,482 shares of the company's stock worth $4,778,000 after purchasing an additional 149,648 shares during the period.

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.

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