Wolfspeed (NYSE:WOLF) Stock Price Up 4.4% - Should You Buy?

Shares of Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) rose 4.4% on Friday . The stock traded as high as $1.55 and last traded at $1.56. Approximately 4,222,912 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 17,762,730 shares. The stock had previously closed at $1.49.

Wall Street Analyst Weigh In

WOLF has been the subject of several recent analyst reports. Citigroup restated a "sell" rating and issued a $3.00 price target (down from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. Piper Sandler decreased their price objective on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. JPMorgan Chase & Co. reaffirmed an "underweight" rating on shares of Wolfspeed in a report on Friday, May 9th. Finally, The Goldman Sachs Group decreased their price objective on Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Five 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 stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $11.15.

Wolfspeed Stock Down 6.4%

The company has a fifty day moving average of $2.65 and a two-hundred day moving average of $5.25. The company has a market cap of $217.10 million, a PE ratio of -0.18 and a beta of 1.29. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15.

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 the consensus estimate of ($0.82) by $0.10. Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. The company had revenue of $185.40 million for the quarter, compared to analyst estimates of $190.03 million. During the same quarter in the prior year, the firm posted ($0.62) EPS. Wolfspeed's quarterly revenue was down 7.6% compared to the same quarter last year. As a group, analysts anticipate that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Insider Activity 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 value of $55,496.91. Following the sale, the chief financial officer now owns 195,257 shares in the company, valued at $779,075.43. This trade represents a 6.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.84% of the stock is currently owned by insiders.

Institutional Trading of Wolfspeed

A number of hedge funds and other institutional investors have recently bought and sold shares of WOLF. Jones Financial Companies Lllp increased its stake in Wolfspeed by 1,240.6% in the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock worth $26,000 after purchasing an additional 3,548 shares during the period. N.E.W. Advisory Services LLC purchased a new stake in Wolfspeed in the first quarter worth $28,000. Steward Partners Investment Advisory LLC increased its stake in 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 period. Beacon Capital Management LLC purchased a new stake in Wolfspeed in the first quarter worth $31,000. Finally, Wealthfront Advisers LLC purchased a new stake in Wolfspeed in the first 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.