Wolfspeed (NYSE:WOLF) Trading 5.6% Higher - What's Next?

Wolfspeed (NYSE:WOLF - Get Free Report) shares traded up 5.6% on Thursday . The company traded as high as $2.02 and last traded at $1.81. 37,823,799 shares changed hands during trading, a decline of 11% from the average session volume of 42,513,129 shares. The stock had previously closed at $1.71.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. 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. JPMorgan Chase & Co. restated an "underweight" rating on shares of Wolfspeed in a report on Friday, May 9th. Citigroup restated 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, Piper Sandler reduced their price target 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 analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $11.15.

Wolfspeed Stock Performance

The business's 50-day moving average price is $1.48 and its 200-day moving average price is $3.66. The company has a current ratio of 4.64, a quick ratio of 3.90 and a debt-to-equity ratio of 30.65. The stock has a market cap of $252.90 million, a PE ratio of -0.19 and a beta of 1.09.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.72) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.82) by $0.10. The firm 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 company's quarterly revenue was down 7.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.62) EPS. As a group, equities research analysts expect that Wolfspeed will post -4 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Neill Reynolds sold 13,909 shares of the business's stock in a transaction on Monday, April 28th. The shares were 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 $779,075.43. The trade was a 6.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Wolfspeed

A number of large investors have recently modified their holdings of WOLF. Vontobel Holding Ltd. grew its holdings in shares of Wolfspeed by 73.6% in the second quarter. Vontobel Holding Ltd. now owns 479,563 shares of the company's stock valued at $191,000 after purchasing an additional 203,341 shares during the period. State of Alaska Department of Revenue grew its holdings in shares of Wolfspeed by 15.4% in the second quarter. State of Alaska Department of Revenue now owns 99,465 shares of the company's stock valued at $38,000 after purchasing an additional 13,265 shares during the period. Caitlin John LLC purchased a new stake in shares of Wolfspeed in the second quarter valued at about $31,000. Goldman Sachs Group Inc. grew its holdings in shares of Wolfspeed by 176.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company's stock valued at $4,224,000 after purchasing an additional 881,603 shares during the period. Finally, Inspire Investing LLC grew its holdings in shares of Wolfspeed by 85.3% in the first quarter. Inspire Investing LLC now owns 112,872 shares of the company's stock valued at $345,000 after purchasing an additional 51,945 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.