Wolfspeed (NYSE:WOLF) Trading Up 7% – Time to Buy?

Wolfspeed, Inc. (NYSE:WOLF)’s share price was up 7% on Friday . The stock traded as high as $6.52 and last traded at $6.52. Approximately 2,632,730 shares were traded during trading, a decline of 86% from the average daily volume of 18,582,102 shares. The stock had previously closed at $6.09.

Wall Street Analyst Weigh In

WOLF has been the subject of several recent analyst reports. StockNews.com raised shares of Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Susquehanna decreased their price target on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, January 22nd. Mizuho dropped their price objective on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 19th. Piper Sandler decreased their target price on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, JPMorgan Chase & Co. lowered their price target on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Wolfspeed currently has a consensus rating of “Hold” and an average target price of $14.86.

Wolfspeed Trading Up 10.7 %

The stock has a market cap of $861.04 million, a price-to-earnings ratio of -0.88 and a beta of 1.43. The business has a 50-day simple moving average of $7.49 and a two-hundred day simple moving average of $10.71. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 60.94% and a negative net margin of 125.96%. As a group, research analysts forecast that Wolfspeed, Inc. will post -4.2 EPS for the current year.

Insider Transactions at Wolfspeed

In related news, Director Glenda Dorchak acquired 3,592 shares of Wolfspeed stock in a transaction on Friday, November 22nd. The stock was purchased at an average cost of $8.33 per share, with a total value of $29,921.36. Following the completion of the transaction, the director now directly owns 18,688 shares in the company, valued at $155,671.04. This trade represents a 23.79 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Darren R. Jackson purchased 36,975 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was bought at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the purchase, the director now owns 85,996 shares in the company, valued at $581,332.96. The trade was a 75.43 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 78,067 shares of company stock worth $524,747 in the last three months. Insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

Several institutional investors and hedge funds have recently made changes to their positions in WOLF. Dimensional Fund Advisors LP boosted its stake in Wolfspeed by 30.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 637,581 shares of the company’s stock valued at $14,513,000 after purchasing an additional 149,093 shares during the period. Algert Global LLC lifted its holdings in shares of Wolfspeed by 31.4% during the second quarter. Algert Global LLC now owns 53,076 shares of the company’s stock worth $1,208,000 after buying an additional 12,676 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its position in shares of Wolfspeed by 34.9% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 369,402 shares of the company’s stock valued at $8,408,000 after acquiring an additional 95,600 shares during the period. Sanctuary Advisors LLC acquired a new position in shares of Wolfspeed in the second quarter valued at about $220,000. Finally, SG Americas Securities LLC increased its position in Wolfspeed by 231.8% during the third quarter. SG Americas Securities LLC now owns 58,749 shares of the company’s stock worth $570,000 after acquiring an additional 41,041 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.