Wolfspeed (NYSE:WOLF) Trading Up 83% - Here's What Happened

Wolfspeed (NYSE:WOLF - Get Free Report) was up 83% during mid-day trading on Monday . The stock traded as high as $2.49 and last traded at $2.16. Approximately 202,560,186 shares were traded during trading, an increase of 740% from the average daily volume of 24,122,610 shares. The stock had previously closed at $1.18.

Analysts Set New Price Targets

Several analysts have issued reports on WOLF shares. Citigroup restated a "sell" rating and set a $3.00 price objective (down previously from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. JPMorgan Chase & Co. restated an "underweight" rating on shares of Wolfspeed in a research note on Friday, May 9th. Piper Sandler dropped their price target on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. Finally, The Goldman Sachs Group dropped their price target on Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $11.15.

Wolfspeed Trading Up 97.5%

The business has a 50 day simple moving average of $2.01 and a 200-day simple moving average of $4.08. The company has a debt-to-equity ratio of 30.65, a quick ratio of 3.90 and a current ratio of 4.64. The stock has a market capitalization of $362.62 million, a P/E ratio of -0.28 and a beta of 1.09.

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

Insider Transactions at Wolfspeed

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the stock in a transaction on Monday, April 28th. The stock was sold at an average price of $3.99, for a total transaction of $55,496.91. Following the completion of the transaction, the chief financial officer directly owned 195,257 shares of the company's stock, valued at approximately $779,075.43. This trade represents a 6.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.84% of the company's stock.

Institutional Investors Weigh In On Wolfspeed

Several large investors have recently modified their holdings of the stock. Sterling Capital Management LLC boosted its stake in shares of Wolfspeed by 51.4% during the 4th quarter. Sterling Capital Management LLC now owns 7,463 shares of the company's stock worth $50,000 after acquiring an additional 2,533 shares in the last quarter. Ground Swell Capital LLC boosted its stake in shares of Wolfspeed by 25.6% during the 4th quarter. Ground Swell Capital LLC now owns 12,827 shares of the company's stock worth $85,000 after acquiring an additional 2,611 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its stake in shares of Wolfspeed by 192.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock worth $29,000 after acquiring an additional 2,912 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Wolfspeed by 12.4% during the 1st quarter. Victory Capital Management Inc. now owns 26,562 shares of the company's stock worth $81,000 after acquiring an additional 2,922 shares in the last quarter. Finally, Mutual of America Capital Management LLC boosted its stake in shares of Wolfspeed by 17.1% during the 1st quarter. Mutual of America Capital Management LLC now owns 22,653 shares of the company's stock worth $69,000 after acquiring an additional 3,308 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.