Wolfspeed (NYSE:WOLF) Trading 4.5% Higher

Wolfspeed, Inc. (NYSE:WOLF) traded up 4.5% during mid-day trading on Monday . The company traded as high as $20.10 and last traded at $20.10. 118,406 shares were traded during trading, a decline of 97% from the average session volume of 4,228,901 shares. The stock had previously closed at $19.23.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Susquehanna lowered their target price on Wolfspeed from $25.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. Mizuho lifted their price objective on shares of Wolfspeed from $27.00 to $28.00 and gave the company a “neutral” rating in a report on Tuesday, June 18th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $30.00 price objective (down from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. JPMorgan Chase & Co. lowered their price objective on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday, April 11th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Wolfspeed from $30.00 to $25.00 and set a “hold” rating on the stock in a report on Tuesday, May 7th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $35.43.

Wolfspeed Stock Performance

The firm has a market cap of $2.41 billion, a price-to-earnings ratio of -3.13 and a beta of 1.60. The stock has a 50 day moving average of $24.77 and a 200 day moving average of $26.65. The company has a quick ratio of 4.00, a current ratio of 4.58 and a debt-to-equity ratio of 5.55.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, May 1st. The company reported ($0.79) EPS for the quarter, topping the consensus estimate of ($0.82) by $0.03. The firm had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.49 million. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. As a group, analysts anticipate that Wolfspeed, Inc. will post -3.21 EPS for the current fiscal year.

Insider Activity

In related news, Director Marvin Riley bought 1,866 shares of Wolfspeed stock in a transaction that occurred on Tuesday, May 28th. The shares were acquired at an average cost of $27.05 per share, for a total transaction of $50,475.30. Following the completion of the acquisition, the director now directly owns 13,297 shares of the company’s stock, valued at approximately $359,683.85. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.62% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently modified their holdings of WOLF. TFO Wealth Partners LLC boosted its holdings in shares of Wolfspeed by 57,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after buying an additional 574 shares in the last quarter. Mather Group LLC. lifted its holdings in shares of Wolfspeed by 385.5% in the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after purchasing an additional 933 shares in the last quarter. Independence Bank of Kentucky lifted its holdings in shares of Wolfspeed by 97.0% in the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after purchasing an additional 350 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Wolfspeed by 56.9% in the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock worth $37,000 after purchasing an additional 452 shares in the last quarter. Finally, Rakuten Securities Inc. bought a new position in shares of Wolfspeed in the 4th quarter worth $48,000.

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.