Wolfspeed (NYSE:WOLF) Trading Up 9.6% - Here's What Happened

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

Analysts Set New Price Targets

Several analysts have recently commented on the company. JPMorgan Chase & Co. reiterated an "underweight" rating on shares of Wolfspeed in a report on Friday, May 9th. Piper Sandler lowered their price target on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating for the company in a report on Friday, May 9th. The Goldman Sachs Group decreased their price objective on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Finally, Citigroup reissued a "sell" rating and set a $3.00 target price (down previously from $7.00) on shares of Wolfspeed in a research 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 given a buy rating to the company. According to MarketBeat.com, Wolfspeed has a consensus rating of "Hold" and a consensus price target of $11.15.

Wolfspeed Stock Performance

The company has a market capitalization of $97.89 million, a price-to-earnings ratio of -0.08 and a beta of 1.29. The firm has a fifty day simple moving average of $2.34 and a 200 day simple moving average of $4.56. The company has a debt-to-equity ratio of 30.65, a current ratio of 4.64 and a quick ratio of 3.90.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued 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. The firm had revenue of $185.40 million for the quarter, compared to analyst estimates of $190.03 million. Wolfspeed had a negative net margin of 146.43% and a negative return on equity of 103.97%. Wolfspeed's quarterly revenue was down 7.6% compared to the same quarter last year. During the same period last year, the company posted ($0.62) EPS. On average, analysts anticipate that Wolfspeed will post -4 earnings per share for the current fiscal year.

Insider Activity at Wolfspeed

In related news, CFO Neill Reynolds sold 13,909 shares of the company's 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 completion of the sale, the chief financial officer now owns 195,257 shares of the company's stock, valued at approximately $779,075.43. This represents a 6.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.84% of the stock is owned by corporate insiders.

Institutional Trading of Wolfspeed

Several institutional investors have recently made changes to their positions in WOLF. New York State Teachers Retirement System increased its stake in Wolfspeed by 2.4% during the fourth quarter. New York State Teachers Retirement System now owns 148,784 shares of the company's stock worth $991,000 after acquiring an additional 3,500 shares during the last quarter. Rhumbline Advisers lifted its position in Wolfspeed by 5.1% in the fourth quarter. Rhumbline Advisers now owns 309,144 shares of the company's stock valued at $2,059,000 after buying an additional 15,078 shares during the last quarter. Allworth Financial LP boosted its stake in Wolfspeed by 38.1% during the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company's stock worth $44,000 after buying an additional 1,949 shares during the period. Principal Financial Group Inc. increased its position in shares of Wolfspeed by 4.5% during the fourth quarter. Principal Financial Group Inc. now owns 619,057 shares of the company's stock valued at $4,123,000 after acquiring an additional 26,458 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new stake in shares of Wolfspeed during the fourth quarter valued at about $70,000.

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.