Wolfspeed (NYSE:WOLF) Trading 6.7% Higher - What's Next?

Wolfspeed (NYSE:WOLF - Get Free Report) shot up 6.7% during trading on Friday . The stock traded as high as $1.03 and last traded at $0.93. 23,253,618 shares changed hands during mid-day trading, an increase of 26% from the average session volume of 18,439,010 shares. The stock had previously closed at $0.87.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. The Goldman Sachs Group dropped 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. Citigroup restated a "sell" rating and set a $3.00 price target (down previously from $7.00) on shares of Wolfspeed in a report on Friday, May 9th. Piper Sandler decreased their price objective on shares of Wolfspeed from $10.00 to $6.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Finally, JPMorgan Chase & Co. reissued an "underweight" rating on shares of Wolfspeed in a research report on Friday, May 9th. Five investment analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $11.15.

Wolfspeed Stock Up 7.8%

The firm has a 50-day moving average of $2.43 and a two-hundred day moving average of $4.78. The firm has a market cap of $146.45 million, a price-to-earnings ratio of -0.11 and a beta of 1.29. The company has a current ratio of 4.64, a quick ratio of 3.90 and a debt-to-equity ratio of 30.65.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.72) EPS for the quarter, topping the consensus estimate of ($0.82) by $0.10. Wolfspeed had a negative return on equity of 103.97% and a negative net margin of 146.43%. The company had revenue of $185.40 million for the quarter, compared to the consensus estimate of $190.03 million. During the same period in the previous year, the business posted ($0.62) EPS. The company's revenue for the quarter was down 7.6% on a year-over-year basis. As a group, sell-side analysts predict 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 Wolfspeed 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 sale, the chief financial officer now directly owns 195,257 shares of the company's stock, valued at $779,075.43. This trade represents a 6.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.84% of the company's stock.

Hedge Funds Weigh In On Wolfspeed

Several large investors have recently added to or reduced their stakes in the company. Vontobel Holding Ltd. raised its stake in shares of Wolfspeed by 74.6% in the fourth quarter. Vontobel Holding Ltd. now owns 65,578 shares of the company's stock valued at $437,000 after purchasing an additional 28,013 shares in the last quarter. New York State Teachers Retirement System raised its stake in shares of Wolfspeed by 2.4% in the 4th quarter. New York State Teachers Retirement System now owns 148,784 shares of the company's stock valued at $991,000 after buying an additional 3,500 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Wolfspeed by 5.1% during the 4th quarter. Rhumbline Advisers now owns 309,144 shares of the company's stock worth $2,059,000 after acquiring an additional 15,078 shares during the period. Allworth Financial LP lifted its holdings in shares of Wolfspeed by 38.1% during the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company's stock worth $44,000 after acquiring an additional 1,949 shares during the period. Finally, Principal Financial Group Inc. boosted its position in shares of Wolfspeed by 4.5% during the 4th 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 in 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.

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