Wolfspeed (NYSE:WOLF) Stock Price Up 4.3% - Still a Buy?

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on WOLF. Piper Sandler reduced their price target on shares of Wolfspeed from $10.00 to $6.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. JPMorgan Chase & Co. reissued an "underweight" rating on shares of Wolfspeed in a research report on Friday, May 9th. Citigroup reissued a "sell" rating and set a $3.00 price target (down from $7.00) on shares of Wolfspeed in a research report on Friday, May 9th. Finally, The Goldman Sachs Group reduced their price target on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. Five investment 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, the company has a consensus rating of "Hold" and a consensus price target of $11.15.

Wolfspeed Stock Performance

The company has a debt-to-equity ratio of 30.65, a current ratio of 4.64 and a quick ratio of 3.90. The company's 50-day moving average price is $2.43 and its two-hundred day moving average price is $4.78. The company has a market capitalization of $134.78 million, a price-to-earnings ratio of -0.10 and a beta of 1.29.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.72) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.82) by $0.10. Wolfspeed had a negative net margin of 146.43% and a negative return on equity of 103.97%. The company had revenue of $185.40 million for the quarter, compared to analysts' expectations of $190.03 million. During the same quarter in the prior year, the firm earned ($0.62) EPS. The business's revenue was down 7.6% on a year-over-year basis. On average, equities research analysts anticipate that Wolfspeed will post -4 EPS for the current fiscal year.

Insider Activity at Wolfspeed

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of Wolfspeed stock in a transaction dated 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 now owns 195,257 shares of the company's stock, valued at approximately $779,075.43. The trade was a 6.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.84% of the stock is owned by insiders.

Institutional Trading of Wolfspeed

Several hedge funds and other institutional investors have recently modified their holdings of WOLF. Vanguard Group Inc. raised its position 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 valued at $57,876,000 after purchasing an additional 2,989,503 shares during the period. Shah Capital Management purchased a new position in Wolfspeed during the first quarter valued at approximately $6,586,000. Neuberger Berman Group LLC grew its stake in Wolfspeed by 72.7% during the first quarter. Neuberger Berman Group LLC now owns 4,329,584 shares of the company's stock valued at $13,723,000 after acquiring an additional 1,822,958 shares in the last quarter. Jump Financial LLC purchased a new position in Wolfspeed during the first quarter valued at approximately $4,402,000. Finally, Frontier Capital Management Co. LLC grew its stake in Wolfspeed by 94.2% during 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 acquiring an additional 995,020 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.