Wolfspeed (NYSE:WOLF) Stock Price Up 55.9% - Here's What Happened

Wolfspeed (NYSE:WOLF - Get Free Report)'s share price shot up 55.9% during trading on Friday . The company traded as high as $1.35 and last traded at $1.21. 209,766,619 shares changed hands during trading, an increase of 804% from the average session volume of 23,215,630 shares. The stock had previously closed at $0.77.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on WOLF. Citigroup restated a "sell" rating and issued a $3.00 price objective (down from $7.00) on shares of Wolfspeed in a report on Friday, May 9th. Piper Sandler decreased their price objective on 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 lowered their price target on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. reiterated an "underweight" rating on shares of Wolfspeed in a report on Friday, May 9th. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Wolfspeed 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 3.90, a current ratio of 4.64 and a debt-to-equity ratio of 30.65. The firm has a market cap of $187.53 million, a price-to-earnings ratio of -0.14 and a beta of 1.09. The stock's 50-day moving average price is $2.08 and its 200 day moving average price is $4.20.

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

Insider Transactions at Wolfspeed

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the business's stock in a transaction that occurred on Monday, April 28th. The stock was 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 in the company, valued at approximately $779,075.43. The trade was a 6.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.84% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Jones Financial Companies Lllp boosted its position in shares of Wolfspeed by 1,240.6% in the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock valued at $26,000 after acquiring an additional 3,548 shares during the period. N.E.W. Advisory Services LLC acquired a new position in shares of Wolfspeed during the first quarter worth $28,000. Steward Partners Investment Advisory LLC grew its stake in shares of Wolfspeed by 192.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock worth $29,000 after purchasing an additional 2,912 shares during the last quarter. Beacon Capital Management LLC acquired a new stake in Wolfspeed in the first quarter valued at $31,000. Finally, Wealthfront Advisers LLC bought a new position in Wolfspeed during the 1st quarter worth $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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