Wolfspeed (NYSE:WOLF) Trading Up 10.3% – Time to Buy?

Wolfspeed, Inc. (NYSE:WOLF) shares were up 10.3% during trading on Tuesday . The company traded as high as $6.83 and last traded at $6.82. Approximately 4,439,411 shares were traded during trading, a decline of 75% from the average daily volume of 17,687,512 shares. The stock had previously closed at $6.18.

Analyst Ratings Changes

A number of analysts have commented on WOLF shares. The Goldman Sachs Group decreased their price objective on Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Susquehanna decreased their price objective on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, January 22nd. Piper Sandler decreased their price objective on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. Mizuho decreased their price objective on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a report on Tuesday, November 19th. Finally, Canaccord Genuity Group reduced their target price on Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Three investment analysts have 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 MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $14.86.

Wolfspeed Trading Up 8.3 %

The stock has a market cap of $959.74 million, a PE ratio of -0.98 and a beta of 1.43. The firm has a 50-day simple moving average of $6.48 and a 200-day simple moving average of $9.24. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26.

Wolfspeed (NYSE:WOLF) last posted 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%. Equities analysts forecast that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Insider Buying and Selling

In other Wolfspeed news, Director Glenda Dorchak acquired 3,592 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were bought at an average price of $8.33 per share, for a total transaction of $29,921.36. Following the completion of the transaction, the director now owns 18,688 shares of the company’s stock, valued at approximately $155,671.04. This represents a 23.79 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vontobel Holding Ltd. increased its stake in Wolfspeed by 5.1% in the third quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company’s stock valued at $364,000 after acquiring an additional 1,835 shares during the last quarter. New York State Teachers Retirement System grew its stake in shares of Wolfspeed by 1.3% during the third quarter. New York State Teachers Retirement System now owns 145,284 shares of the company’s stock valued at $1,409,000 after buying an additional 1,885 shares during the last quarter. Allworth Financial LP grew its stake in shares of Wolfspeed by 38.1% during the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock valued at $44,000 after buying an additional 1,949 shares during the last quarter. Sterling Capital Management LLC grew its stake in shares of Wolfspeed by 51.4% during the fourth quarter. Sterling Capital Management LLC now owns 7,463 shares of the company’s stock valued at $50,000 after buying an additional 2,533 shares during the last quarter. Finally, Ground Swell Capital LLC grew its stake in shares of Wolfspeed by 25.6% during the fourth quarter. Ground Swell Capital LLC now owns 12,827 shares of the company’s stock valued at $85,000 after buying an additional 2,611 shares during 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.