Wolfspeed (NYSE:WOLF) Stock Price Up 16.4% - What's Next?

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report)'s stock price shot up 16.4% during trading on Tuesday . The company traded as high as $1.47 and last traded at $1.41. 14,431,595 shares changed hands during mid-day trading, a decline of 18% from the average session volume of 17,503,339 shares. The stock had previously closed at $1.21.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on WOLF shares. Citigroup reiterated 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 lowered their target price on Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. JPMorgan Chase & Co. reissued an "underweight" rating on shares of Wolfspeed in a research report on Friday, May 9th. Finally, Piper Sandler lowered 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 issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $11.15.

Wolfspeed Price Performance

The business has a 50 day simple moving average of $2.71 and a two-hundred day simple moving average of $5.32. The firm has a market capitalization of $249.78 million, a P/E ratio of -0.21 and a beta of 1.62. 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 issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.72) EPS for the quarter, topping the consensus estimate of ($0.82) by $0.10. The company had revenue of $185.40 million during the quarter, compared to analyst estimates of $190.03 million. Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. Wolfspeed's revenue was down 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.62) earnings per share. On average, sell-side analysts expect that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Insider Transactions at Wolfspeed

In related news, CFO Neill Reynolds sold 13,909 shares of the stock in a transaction on Monday, April 28th. The shares were 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.84% of the stock is currently owned by insiders.

Institutional Trading of Wolfspeed

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Wolfspeed by 18.8% in the 1st quarter. Vanguard Group Inc. now owns 18,913,793 shares of the company's stock valued at $57,876,000 after acquiring an additional 2,989,503 shares during the last quarter. Shah Capital Management purchased a new position in Wolfspeed in the 1st quarter worth approximately $6,586,000. Neuberger Berman Group LLC lifted its position in Wolfspeed by 72.7% in the first quarter. Neuberger Berman Group LLC now owns 4,329,584 shares of the company's stock valued at $13,723,000 after purchasing an additional 1,822,958 shares during the last quarter. Jump Financial LLC purchased a new stake in shares of Wolfspeed during the first quarter valued at approximately $4,402,000. Finally, Frontier Capital Management Co. LLC grew its holdings in shares of Wolfspeed by 94.2% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company's stock worth $13,658,000 after purchasing an additional 995,020 shares during the last quarter.

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.