Wolfspeed (NYSE:WOLF) Shares Up 9.6% - Time to Buy?

Shares of Wolfspeed (NYSE:WOLF - Get Free Report) traded up 9.6% on Tuesday . The company traded as high as $0.74 and last traded at $0.67. 19,676,609 shares traded hands during trading, an increase of 5% from the average session volume of 18,816,495 shares. The stock had previously closed at $0.61.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. The Goldman Sachs Group lowered their target price on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Citigroup restated a "sell" rating and issued 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. reiterated an "underweight" rating on shares of Wolfspeed in a research report on Friday, May 9th. Finally, Piper Sandler reduced their target price on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Five 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. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $11.15.

Wolfspeed Price 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 has a 50 day moving average price of $2.27 and a 200 day moving average price of $4.47. The firm has a market cap of $62.25 million, a PE ratio of -0.05 and a beta of 1.29.

Wolfspeed (NYSE:WOLF - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.72) earnings per share (EPS) for the quarter, beating the consensus estimate 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 period in the previous year, the company posted ($0.62) EPS. Wolfspeed's revenue was down 7.6% compared to the same quarter last year. Sell-side analysts expect 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 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 transaction of $55,496.91. Following the sale, the chief financial officer now directly owns 195,257 shares in the company, valued at approximately $779,075.43. The trade was a 6.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.84% of the stock is owned by insiders.

Institutional Trading of Wolfspeed

Several hedge funds and other institutional investors have recently made changes to their positions in WOLF. Goldman Sachs Group Inc. grew its position in Wolfspeed by 176.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company's stock worth $4,224,000 after buying an additional 881,603 shares during the period. Inspire Investing LLC grew its holdings in shares of Wolfspeed by 85.3% in the 1st quarter. Inspire Investing LLC now owns 112,872 shares of the company's stock worth $345,000 after acquiring an additional 51,945 shares during the period. Rhumbline Advisers increased its stake in Wolfspeed by 10.8% in the 1st quarter. Rhumbline Advisers now owns 342,505 shares of the company's stock valued at $1,048,000 after purchasing an additional 33,361 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Wolfspeed by 94.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company's stock worth $5,718,000 after buying an additional 906,968 shares during the last quarter. Finally, MAI Capital Management raised its position in Wolfspeed by 894.9% during the first quarter. MAI Capital Management now owns 10,815 shares of the company's stock worth $33,000 after acquiring an additional 9,728 shares during 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.