Wolfspeed (NYSE:WOLF) Shares Up 1.2% - Time to Buy?

Shares of Wolfspeed (NYSE:WOLF - Get Free Report) rose 1.2% on Wednesday . The stock traded as high as $1.53 and last traded at $1.27. Approximately 15,767,716 shares changed hands during trading, a decline of 13% from the average daily volume of 18,092,585 shares. The stock had previously closed at $1.25.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on WOLF. The Goldman Sachs Group dropped their price objective 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. JPMorgan Chase & Co. reissued an "underweight" rating on shares of Wolfspeed in a research note on Friday, May 9th. Citigroup reaffirmed a "sell" rating and set a $3.00 price target (down previously from $7.00) on shares of Wolfspeed in a research report on Friday, May 9th. Finally, Piper Sandler reduced their price objective on shares of Wolfspeed from $10.00 to $6.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. Five equities 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 stock. According to data from MarketBeat.com, Wolfspeed presently has an average rating of "Hold" and an average price target of $11.15.

Wolfspeed Trading Down 30.7%

The company's fifty day moving average is $2.46 and its two-hundred day moving average is $4.86. 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 stock has a market cap of $134.77 million, a price-to-earnings ratio of -0.10 and a beta of 1.29.

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

Insiders Place Their Bets

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the firm's stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $3.99, for a total transaction of $55,496.91. Following the transaction, the chief financial officer now owns 195,257 shares of the company's stock, valued at approximately $779,075.43. This trade 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 hyperlink. 0.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Inspire Investing LLC boosted its stake in shares of Wolfspeed by 85.3% in the first quarter. Inspire Investing LLC now owns 112,872 shares of the company's stock valued at $345,000 after buying an additional 51,945 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Wolfspeed by 10.8% during the 1st quarter. Rhumbline Advisers now owns 342,505 shares of the company's stock worth $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 increased its position in Wolfspeed by 94.3% during the first 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 in the last quarter. Goldman Sachs Group Inc. raised its stake in Wolfspeed by 176.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company's stock valued at $4,224,000 after purchasing an additional 881,603 shares during the last quarter. Finally, MAI Capital Management raised its position in shares of Wolfspeed by 894.9% in the first quarter. MAI Capital Management now owns 10,815 shares of the company's stock valued at $33,000 after buying an additional 9,728 shares during the last quarter.

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.