Wolfspeed (NYSE:WOLF) Trading 9.9% Higher - Time to Buy?

Wolfspeed (NYSE:WOLF - Get Free Report) shares traded up 9.9% on Monday . The stock traded as high as $0.43 and last traded at $0.45. 13,261,788 shares were traded during mid-day trading, a decline of 32% from the average session volume of 19,567,646 shares. The stock had previously closed at $0.41.

Analyst Ratings Changes

WOLF has been the topic of a number of research reports. Piper Sandler dropped their target price on shares of Wolfspeed from $10.00 to $6.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. Citigroup restated a "sell" rating and set a $3.00 price objective (down previously from $7.00) on shares of Wolfspeed in a report on Friday, May 9th. The Goldman Sachs Group reduced their target price on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. 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 issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $11.15.

Wolfspeed Trading Down 0.5%

The company has a 50 day moving average of $2.23 and a 200 day moving average of $4.36. The firm has a market cap of $63.96 million, a price-to-earnings ratio of -0.05 and a beta of 1.30. 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 earnings results on Thursday, May 8th. The company reported ($0.72) EPS for the quarter, beating the consensus estimate of ($0.82) by $0.10. The company had revenue of $185.40 million for the quarter, compared to the consensus estimate of $190.03 million. Wolfspeed had a negative net margin of 146.43% and a negative return on equity of 103.97%. The firm's revenue for the quarter was down 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.62) EPS. As a group, research analysts anticipate that Wolfspeed will post -4 EPS for the current year.

Insider Activity

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 value of $55,496.91. Following the completion of the transaction, the chief financial officer now directly owns 195,257 shares of the company's stock, valued at $779,075.43. The trade was a 6.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors have recently modified their holdings of the stock. Rhumbline Advisers lifted its holdings in 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 buying an additional 15,078 shares in the last quarter. Principal Financial Group Inc. increased its position in Wolfspeed by 4.5% in the fourth quarter. Principal Financial Group Inc. now owns 619,057 shares of the company's stock worth $4,123,000 after purchasing an additional 26,458 shares during the period. Truist Financial Corp bought a new stake in Wolfspeed during the 4th quarter worth about $250,000. Los Angeles Capital Management LLC acquired a new position in Wolfspeed during the 4th quarter valued at about $295,000. Finally, Jones Financial Companies Lllp grew its position 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 worth $26,000 after buying an additional 3,548 shares during the period.

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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