Wolfspeed (NYSE:WOLF) Trading 9.1% Higher

Wolfspeed, Inc. (NYSE:WOLF)’s stock price traded up 9.1% during trading on Monday . The stock traded as high as $24.50 and last traded at $24.20. 4,051,210 shares were traded during trading, a decline of 12% from the average session volume of 4,617,105 shares. The stock had previously closed at $22.18.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Susquehanna reiterated a “neutral” rating and set a $35.00 target price on shares of Wolfspeed in a research note on Monday, April 8th. JPMorgan Chase & Co. lowered their price target 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. Wells Fargo & Company reissued an “equal weight” rating and issued a $30.00 price target (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. Piper Sandler lowered their price target on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, February 1st. Finally, Mizuho began coverage on shares of Wolfspeed in a report on Friday, April 5th. They issued a “neutral” rating and a $30.00 target price on the stock. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Wolfspeed has an average rating of “Hold” and an average target price of $43.63.

Wolfspeed Trading Up 7.9 %

The company has a debt-to-equity ratio of 4.50, a quick ratio of 4.58 and a current ratio of 5.13. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of -3.94 and a beta of 1.66. The company’s 50-day moving average is $26.93 and its 200-day moving average is $32.59.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.10. The company had revenue of $208.40 million for the quarter, compared to analyst estimates of $205.94 million. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. On average, research analysts predict that Wolfspeed, Inc. will post -3.05 earnings per share for the current year.

Insider Activity

In other Wolfspeed news, Director Darren R. Jackson bought 10,000 shares of Wolfspeed stock in a transaction dated Friday, February 2nd. The shares were bought at an average price of $25.80 per share, with a total value of $258,000.00. Following the purchase, the director now owns 49,021 shares of the company’s stock, valued at $1,264,741.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of WOLF. Slow Capital Inc. boosted its stake in Wolfspeed by 5.9% during the 3rd quarter. Slow Capital Inc. now owns 43,220 shares of the company’s stock worth $1,647,000 after acquiring an additional 2,419 shares during the last quarter. Hardman Johnston Global Advisors LLC boosted its stake in Wolfspeed by 0.9% during the 3rd quarter. Hardman Johnston Global Advisors LLC now owns 633,813 shares of the company’s stock worth $24,148,000 after acquiring an additional 5,760 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in Wolfspeed by 27.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 39,392 shares of the company’s stock worth $1,501,000 after acquiring an additional 8,374 shares during the last quarter. Raymond James & Associates boosted its stake in Wolfspeed by 1.6% during the 3rd quarter. Raymond James & Associates now owns 181,867 shares of the company’s stock worth $6,929,000 after acquiring an additional 2,943 shares during the last quarter. Finally, Weybosset Research & Management LLC boosted its stake in Wolfspeed by 5.7% during the 3rd quarter. Weybosset Research & Management LLC now owns 13,959 shares of the company’s stock worth $532,000 after acquiring an additional 748 shares during 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.