Wolfspeed (NYSE:WOLF) Trading Up 7.3% – Still a Buy?

Wolfspeed, Inc. (NYSE:WOLF) was up 7.3% during trading on Friday . The company traded as high as $5.47 and last traded at $5.49. Approximately 3,407,903 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 10,367,245 shares. The stock had previously closed at $5.11.

Analysts Set New Price Targets

A number of research analysts recently commented on WOLF shares. Mizuho lowered their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a report on Tuesday, November 19th. Canaccord Genuity Group lowered their price target on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Piper Sandler decreased their price objective on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, January 30th. Bank of America cut their target price on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a report on Thursday, January 30th. Finally, StockNews.com raised shares of Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $14.86.

Wolfspeed Stock Up 15.6 %

The firm has a market cap of $754.15 million, a P/E ratio of -0.77 and a beta of 1.50. 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 business has a 50-day moving average price of $5.95 and a 200-day moving average price of $8.45.

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

Institutional Trading of Wolfspeed

Hedge funds and other institutional investors have recently bought and sold shares of the stock. US Bancorp DE boosted its holdings in shares of Wolfspeed by 225.9% in the 3rd quarter. US Bancorp DE now owns 11,343 shares of the company’s stock valued at $110,000 after buying an additional 7,863 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Wolfspeed by 41.4% in the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock worth $5,748,000 after purchasing an additional 173,409 shares during the last quarter. GSA Capital Partners LLP increased its position in shares of Wolfspeed by 230.0% during the third quarter. GSA Capital Partners LLP now owns 58,986 shares of the company’s stock worth $572,000 after purchasing an additional 41,114 shares in the last quarter. Sugar Maple Asset Management LLC purchased a new stake in Wolfspeed in the third quarter valued at about $211,000. Finally, Thrivent Financial for Lutherans boosted its stake in Wolfspeed by 225.0% in the 3rd quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock worth $959,000 after purchasing an additional 68,423 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.