Wolfspeed (NYSE:WOLF) Shares Gap Up – What’s Next?

Shares of Wolfspeed, Inc. (NYSE:WOLF) gapped up prior to trading on Thursday . The stock had previously closed at $6.94, but opened at $7.40. Wolfspeed shares last traded at $7.18, with a volume of 5,581,146 shares trading hands.

Analysts Set New Price Targets

A number of brokerages recently weighed in on WOLF. The Goldman Sachs Group decreased their price target on shares of Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Roth Mkm reduced their price target on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Piper Sandler dropped their price objective on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, January 30th. Bank of America cut their price target on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a report on Thursday, January 30th. Finally, JPMorgan Chase & Co. lowered their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and an average price target of $14.86.

Wolfspeed Price Performance

The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26. The stock has a market capitalization of $907.38 million, a price-to-earnings ratio of -0.93 and a beta of 1.43. The stock has a fifty day moving average of $6.48 and a two-hundred day moving average of $9.24.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. As a group, equities research analysts forecast that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Insider Activity

In other news, Director Glenda Dorchak purchased 3,592 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were acquired at an average price of $8.33 per share, with a total value of $29,921.36. Following the completion of the purchase, the director now directly owns 18,688 shares of the company’s stock, valued at $155,671.04. The trade was a 23.79 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.84% of the stock is owned by insiders.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors have recently made changes to their positions in the stock. Iridian Asset Management LLC CT boosted its stake in Wolfspeed by 319.9% in the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after purchasing an additional 397,057 shares during the period. Public Sector Pension Investment Board acquired a new position in Wolfspeed during the 3rd quarter worth approximately $2,590,000. Primecap Management Co. CA boosted its holdings in Wolfspeed by 5.0% during the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after purchasing an additional 303,870 shares during the last quarter. Principal Financial Group Inc. increased its stake in Wolfspeed by 41.4% in the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after buying an additional 173,409 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its holdings in shares of Wolfspeed by 225.0% in the 3rd quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock valued at $959,000 after acquiring an additional 68,423 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.