Wolfspeed (NYSE:WOLF) Stock Price Up 4.3%

Wolfspeed, Inc. (NYSE:WOLF)’s stock price traded up 4.3% on Friday . The stock traded as high as $13.49 and last traded at $13.38. 621,740 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 4,687,677 shares. The stock had previously closed at $12.83.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Citigroup cut their target price on Wolfspeed from $29.00 to $25.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. William Blair lowered Wolfspeed from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 2nd. Piper Sandler dropped their price target on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday. Susquehanna dropped their price target on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and a consensus target price of $25.87.

Wolfspeed Stock Performance

The company has a quick ratio of 4.00, a current ratio of 4.58 and a debt-to-equity ratio of 5.55. The stock has a 50 day simple moving average of $19.84 and a two-hundred day simple moving average of $24.24. The stock has a market capitalization of $1.71 billion, a P/E ratio of -2.14 and a beta of 1.60.

Insider Buying and Selling at Wolfspeed

In related news, Director Marvin Riley purchased 1,866 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was purchased at an average cost of $27.05 per share, for a total transaction of $50,475.30. Following the completion of the purchase, the director now directly owns 13,297 shares in the company, valued at $359,683.85. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. TFO Wealth Partners LLC boosted its stake in shares of Wolfspeed by 57,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after acquiring an additional 574 shares during the period. Mather Group LLC. boosted its stake in shares of Wolfspeed by 385.5% during the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after acquiring an additional 933 shares during the period. Fifth Third Bancorp boosted its stake in shares of Wolfspeed by 56.9% during the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock worth $37,000 after acquiring an additional 452 shares during the period. Signaturefd LLC boosted its stake in shares of Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after acquiring an additional 1,544 shares during the period. Finally, Advisors Asset Management Inc. boosted its stake in shares of Wolfspeed by 64.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after acquiring an additional 691 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.