Wolfspeed (NYSE:WOLF) Trading Up 1.7% - Still a Buy?

Shares of Wolfspeed (NYSE:WOLF - Get Free Report) were up 1.7% during trading on Tuesday . The stock traded as high as $1.68 and last traded at $1.48. Approximately 18,143,873 shares were traded during trading, a decline of 35% from the average daily volume of 28,050,800 shares. The stock had previously closed at $1.45.

Analysts Set New Price Targets

Several research firms recently weighed in on WOLF. The Goldman Sachs Group decreased 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. JPMorgan Chase & Co. reaffirmed an "underweight" rating on shares of Wolfspeed in a research report on Friday, May 9th. Citigroup reissued a "sell" rating and issued a $3.00 price objective (down from $7.00) on shares of Wolfspeed in a research report on Friday, May 9th. Finally, Piper Sandler reduced their target price 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. Five research analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $11.15.

Wolfspeed Stock Performance

The company has a market capitalization of $221.77 million, a PE ratio of -0.17 and a beta of 1.09. The company has a 50 day moving average of $1.60 and a two-hundred day moving average of $3.73. The company has a debt-to-equity ratio of 30.65, a current ratio of 4.64 and a quick ratio of 3.90.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.72) EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $185.40 million for the quarter, compared to analysts' expectations of $190.03 million. During the same period in the prior year, the firm posted ($0.62) earnings per share. The company's quarterly revenue was down 7.6% on a year-over-year basis. As a group, equities research analysts predict that Wolfspeed will post -4 earnings per share for the current year.

Insider Buying and Selling at Wolfspeed

In other 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 transaction, the chief financial officer directly owned 195,257 shares of the company's stock, valued at $779,075.43. The trade was a 6.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.84% of the stock is currently owned by insiders.

Institutional Trading of Wolfspeed

Several hedge funds have recently modified their holdings of the company. State of Alaska Department of Revenue grew its position in Wolfspeed by 15.4% in the 2nd quarter. State of Alaska Department of Revenue now owns 99,465 shares of the company's stock valued at $38,000 after acquiring an additional 13,265 shares during the last quarter. Caitlin John LLC bought a new position in Wolfspeed in the 2nd quarter valued at $31,000. Goldman Sachs Group Inc. grew its position in Wolfspeed by 176.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company's stock valued at $4,224,000 after acquiring an additional 881,603 shares during the last quarter. Inspire Investing LLC grew its position in Wolfspeed by 85.3% in the 1st quarter. Inspire Investing LLC now owns 112,872 shares of the company's stock valued at $345,000 after acquiring an additional 51,945 shares during the last quarter. Finally, Rhumbline Advisers grew its position in Wolfspeed by 10.8% in the 1st quarter. Rhumbline Advisers now owns 342,505 shares of the company's stock valued at $1,048,000 after acquiring an additional 33,361 shares during 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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