Wolfspeed (NYSE:WOLF) Stock Price Up 9% - Here's What Happened

Shares of Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) rose 9% during trading on Monday . The stock traded as high as $1.60 and last traded at $1.52. Approximately 5,428,301 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 17,888,283 shares. The stock had previously closed at $1.39.

Analyst Upgrades and Downgrades

WOLF has been the subject of several research reports. Piper Sandler reduced their target price on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. Citigroup reiterated a "sell" rating and set a $3.00 price objective (down 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 note on Friday, May 9th. Finally, The Goldman Sachs Group dropped their price objective on Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $11.15.

Wolfspeed Stock Performance

The stock has a 50-day moving average of $2.55 and a 200 day moving average of $5.07. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. The stock has a market capitalization of $212.43 million, a price-to-earnings ratio of -0.18 and a beta of 1.29.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.72) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 firm had revenue of $185.40 million for the quarter, compared to analysts' expectations of $190.03 million. During the same quarter last year, the business earned ($0.62) earnings per share. The company's revenue was down 7.6% compared to the same quarter last year. On average, analysts expect that Wolfspeed, Inc. will post -4 EPS for the current 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 in the company, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.84% of the company's stock.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WOLF. Jones Financial Companies Lllp lifted its holdings in shares of Wolfspeed by 1,240.6% during the 4th quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock valued at $26,000 after purchasing an additional 3,548 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in shares of Wolfspeed by 192.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock valued at $29,000 after purchasing an additional 2,912 shares in the last quarter. 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 valued at $44,000 after purchasing an additional 1,949 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Wolfspeed by 51.4% during the 4th quarter. Sterling Capital Management LLC now owns 7,463 shares of the company's stock valued at $50,000 after purchasing an additional 2,533 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new position in shares of Wolfspeed during the 4th quarter valued at about $52,000.

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.