Wolfspeed (NYSE:WOLF) Trading Up 55.9% - Here's Why

Shares of Wolfspeed (NYSE:WOLF - Get Free Report) traded up 55.9% during mid-day trading on Thursday . The company traded as high as $1.25 and last traded at $1.21. 114,581,403 shares were traded during trading, an increase of 401% from the average session volume of 22,872,382 shares. The stock had previously closed at $0.77.

Wall Street Analysts Forecast Growth

WOLF has been the subject of several recent analyst reports. Citigroup reissued a "sell" rating and issued a $3.00 price target (down previously from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. Piper Sandler dropped their price target 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. The Goldman Sachs Group decreased their price objective on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. reiterated an "underweight" rating on shares of Wolfspeed in a research note on Friday, May 9th. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Wolfspeed has an average rating of "Hold" and a consensus target price of $11.15.

Wolfspeed Stock Performance

The firm's 50 day moving average price is $2.12 and its 200-day moving average price is $4.25. The firm has a market cap of $181.31 million, a price-to-earnings ratio of -0.14 and a beta of 1.09. 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 posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.72) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.82) by $0.10. Wolfspeed had a negative net margin of 146.43% and a negative return on equity of 103.97%. The company had revenue of $185.40 million for the quarter, compared to the consensus estimate of $190.03 million. During the same quarter in the previous year, the firm posted ($0.62) EPS. The business's revenue was down 7.6% compared to the same quarter last year. On average, analysts anticipate that Wolfspeed will post -4 earnings per share for the current year.

Insider Buying and Selling at Wolfspeed

In related news, CFO Neill Reynolds sold 13,909 shares of the company's stock in a transaction 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 transaction, the chief financial officer directly owned 195,257 shares in the company, valued at approximately $779,075.43. This represents a 6.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 made changes to their positions in the business. Jones Financial Companies Lllp raised its position in Wolfspeed by 1,240.6% in the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock worth $26,000 after purchasing an additional 3,548 shares in the last quarter. N.E.W. Advisory Services LLC bought a new stake in shares of Wolfspeed in the 1st quarter valued at approximately $28,000. Steward Partners Investment Advisory LLC raised its holdings in shares of Wolfspeed by 192.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock worth $29,000 after buying an additional 2,912 shares in the last quarter. Beacon Capital Management LLC bought a new position in shares of Wolfspeed during the 1st quarter worth approximately $31,000. Finally, Wealthfront Advisers LLC acquired a new stake in Wolfspeed in the 1st quarter valued at $32,000.

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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