Wolfspeed (NYSE:WOLF) Trading 1.7% Higher - What's Next?

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

Analyst Upgrades and Downgrades

WOLF has been the subject of several recent analyst reports. JPMorgan Chase & Co. reissued an "underweight" rating on shares of Wolfspeed in a report on Friday, May 9th. Piper Sandler lowered their price target on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Citigroup reissued a "sell" rating and issued a $3.00 price target (down previously from $7.00) on shares of Wolfspeed in a report on Friday, May 9th. Finally, The Goldman Sachs Group lowered their price target on Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. 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's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $11.15.

Wolfspeed Price Performance

The firm has a 50-day moving average of $1.44 and a two-hundred day moving average of $3.63. 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 posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.72) EPS for the quarter, beating analysts' consensus estimates of ($0.82) by $0.10. The business had revenue of $185.40 million during the quarter, compared to analysts' expectations of $190.03 million. Wolfspeed had a negative return on equity of 103.97% and a negative net margin of 146.43%. The business's revenue was down 7.6% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.62) earnings per share. As a group, equities analysts predict that Wolfspeed will post -4 earnings per share for the current year.

Insider Activity at Wolfspeed

In other news, CFO Neill Reynolds sold 13,909 shares of the business's stock in a transaction that occurred on 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 sale, the chief financial officer directly owned 195,257 shares in the company, 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 Securities & Exchange Commission, which is available through this link. 0.84% of the stock is owned by company insiders.

Institutional Trading of Wolfspeed

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Wolfspeed by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company's stock worth $106,056,000 after purchasing an additional 299,304 shares in the last quarter. Raiffeisen Bank International AG purchased a new stake in shares of Wolfspeed during the fourth quarter worth approximately $1,782,000. SG Americas Securities LLC increased its position in shares of Wolfspeed by 422.0% during the first quarter. SG Americas Securities LLC now owns 533,965 shares of the company's stock worth $1,634,000 after purchasing an additional 431,680 shares in the last quarter. South Dakota Investment Council increased its position in shares of Wolfspeed by 121.8% during the first quarter. South Dakota Investment Council now owns 1,591,056 shares of the company's stock worth $4,869,000 after purchasing an additional 873,574 shares in the last quarter. Finally, Stifel Financial Corp increased its position in shares of Wolfspeed by 413.0% during the fourth quarter. Stifel Financial Corp now owns 137,690 shares of the company's stock worth $917,000 after purchasing an additional 110,848 shares in 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.