Wolfspeed (NYSE:WOLF) Trading 4.5% Higher

Wolfspeed, Inc. (NYSE:WOLF)’s share price shot up 4.5% during trading on Monday . The company traded as high as $20.10 and last traded at $20.10. 118,406 shares traded hands 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 Analysts Forecast Growth

WOLF has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft reduced their price target on Wolfspeed from $30.00 to $25.00 and set a “hold” rating for the company in a research report on Tuesday, May 7th. Susquehanna reduced their price target on Wolfspeed from $25.00 to $23.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. JPMorgan Chase & Co. reduced their price target on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. TD Cowen cut Wolfspeed from a “buy” rating to a “hold” rating and reduced their price target for the stock from $40.00 to $25.00 in a research report on Thursday, May 2nd. Finally, Mizuho upped their price target on Wolfspeed from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 18th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $35.43.

Wolfspeed Stock Performance

The business has a 50 day moving average of $24.77 and a 200 day moving average of $26.65. The company has a market capitalization of $2.41 billion, a P/E ratio of -3.13 and a beta of 1.60. 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 announced its quarterly earnings results on Wednesday, May 1st. The company reported ($0.79) EPS for the quarter, beating analysts’ consensus estimates of ($0.82) by $0.03. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. The company had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.49 million. On average, sell-side analysts predict that Wolfspeed, Inc. will post -3.21 earnings per share for the current year.

Insider Activity at Wolfspeed

In other news, Director Marvin Riley purchased 1,866 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was bought at an average cost of $27.05 per share, with a total value of $50,475.30. Following the completion of the purchase, the director now owns 13,297 shares in the company, valued at $359,683.85. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.62% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Wolfspeed

Institutional investors have recently modified their holdings of the stock. TFO Wealth Partners LLC lifted its stake in shares of Wolfspeed by 57,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after purchasing an additional 574 shares during the last quarter. Independence Bank of Kentucky raised its holdings in shares of Wolfspeed by 97.0% in the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after buying an additional 350 shares during the period. Rakuten Securities Inc. purchased a new stake in shares of Wolfspeed in the fourth quarter worth approximately $48,000. Mather Group LLC. raised its holdings in shares of Wolfspeed by 385.5% in the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after buying an additional 933 shares during the period. Finally, Fifth Third Bancorp raised its holdings in shares of Wolfspeed by 56.9% in the first quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock worth $37,000 after buying an additional 452 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.