Wolfspeed (NYSE:WOLF) Stock Price Up 7.7%

Shares of Wolfspeed, Inc. (NYSE:WOLF) traded up 7.7% on Friday . The stock traded as high as $25.68 and last traded at $25.37. 3,301,464 shares were traded during trading, a decline of 33% from the average session volume of 4,912,569 shares. The stock had previously closed at $23.56.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Roth Mkm reaffirmed a “buy” rating and set a $50.00 target price on shares of Wolfspeed in a research note on Tuesday. William Blair lowered shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a research note on Thursday. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a research note on Wednesday, April 3rd. Mizuho lowered their target price on shares of Wolfspeed from $30.00 to $27.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, JPMorgan Chase & Co. reduced their price target on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a research report on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Wolfspeed presently has an average rating of “Hold” and an average price target of $37.27.

Wolfspeed Trading Up 7.5 %

The business’s 50-day moving average price is $26.58 and its 200-day moving average price is $32.11. The company has a debt-to-equity ratio of 4.50, a current ratio of 5.13 and a quick ratio of 4.58. The firm has a market capitalization of $3.19 billion, a PE ratio of -3.90 and a beta of 1.64.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 25.75%. The firm had revenue of $208.40 million for the quarter, compared to analyst estimates of $205.94 million. As a group, analysts expect that Wolfspeed, Inc. will post -3.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently bought and sold shares of WOLF. State of Michigan Retirement System raised its stake in Wolfspeed by 1.0% in the 4th quarter. State of Michigan Retirement System now owns 30,022 shares of the company’s stock valued at $1,306,000 after purchasing an additional 300 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its position in Wolfspeed by 2.8% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 11,573 shares of the company’s stock worth $435,000 after acquiring an additional 317 shares in the last quarter. Independence Bank of Kentucky lifted its position in Wolfspeed by 97.0% during the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after acquiring an additional 350 shares in the last quarter. Fox Run Management L.L.C. raised its position in shares of Wolfspeed by 3.4% in the 3rd quarter. Fox Run Management L.L.C. now owns 13,407 shares of the company’s stock valued at $511,000 after purchasing an additional 437 shares in the last quarter. Finally, Fifth Third Bancorp raised its position in shares of Wolfspeed by 56.9% in the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock valued at $37,000 after purchasing an additional 452 shares in the last quarter.

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.