Wolfspeed (NYSE:WOLF) Trading Up 7.2% – Should You Buy?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price shot up 7.2% during trading on Monday . The stock traded as high as $7.65 and last traded at $7.55. 2,671,904 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 7,391,895 shares. The stock had previously closed at $7.04.

Analyst Ratings Changes

Several research firms recently commented on WOLF. Piper Sandler restated an “overweight” rating and set a $18.00 price target (down previously from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. Canaccord Genuity Group reduced their price objective on Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Morgan Stanley raised their price target on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Mizuho dropped their price objective on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a report on Tuesday, November 19th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Stock Up 5.1 %

The firm has a market cap of $945.08 million, a PE ratio of -1.24 and a beta of 1.38. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. The stock has a fifty day moving average price of $10.62 and a 200-day moving average price of $14.30.

Insider Buying and Selling

In other news, Director Glenda Dorchak acquired 3,592 shares of the company’s stock in a transaction that occurred on 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 acquisition, the director now directly owns 18,688 shares in the company, valued at approximately $155,671.04. The trade was a 23.79 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Darren R. Jackson bought 36,975 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were acquired at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the purchase, the director now directly owns 85,996 shares in the company, valued at $581,332.96. This represents a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders acquired 78,067 shares of company stock valued at $524,747. Company insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in WOLF. Arizona State Retirement System lifted its stake in Wolfspeed by 2.3% in the second quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock valued at $802,000 after acquiring an additional 775 shares during the last quarter. Signaturefd LLC boosted its holdings in Wolfspeed by 284.3% in the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after purchasing an additional 1,544 shares during the period. Vontobel Holding Ltd. raised its position in shares of Wolfspeed by 5.1% during the third quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company’s stock valued at $364,000 after buying an additional 1,835 shares during the last quarter. New York State Teachers Retirement System grew its holdings in shares of Wolfspeed by 1.3% during the 3rd quarter. New York State Teachers Retirement System now owns 145,284 shares of the company’s stock worth $1,409,000 after purchasing an additional 1,885 shares in the last quarter. Finally, ProShare Advisors LLC increased its holdings in Wolfspeed by 9.3% in the 2nd quarter. ProShare Advisors LLC now owns 23,395 shares of the company’s stock valued at $532,000 after buying an additional 1,993 shares during the period.

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.