Wolfspeed (NYSE:WOLF) Trading Up 3.9%

Wolfspeed, Inc. (NYSE:WOLF) traded up 3.9% during mid-day trading on Thursday . The stock traded as high as $29.91 and last traded at $29.69. 388,533 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 4,753,938 shares. The stock had previously closed at $28.58.

Analyst Ratings Changes

A number of analysts recently weighed in on WOLF shares. Piper Sandler decreased their target price on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, February 1st. JPMorgan Chase & Co. decreased their target price on shares of Wolfspeed from $44.00 to $43.00 and set a “neutral” rating on the stock in a report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $46.40.

Wolfspeed Trading Up 2.8 %

The company has a debt-to-equity ratio of 4.50, a quick ratio of 4.58 and a current ratio of 5.13. The firm has a market cap of $3.70 billion, a PE ratio of -4.85 and a beta of 1.65. The stock’s 50 day simple moving average is $28.44 and its 200 day simple moving average is $34.16.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. The company had revenue of $208.40 million during the quarter, compared to analysts’ expectations of $205.94 million. On average, sell-side analysts forecast that Wolfspeed, Inc. will post -3.05 earnings per share for the current fiscal year.

Insider Activity

In other Wolfspeed news, Director Darren R. Jackson acquired 10,000 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was bought at an average price of $25.80 per share, with a total value of $258,000.00. Following the purchase, the director now owns 49,021 shares of the company’s stock, valued at $1,264,741.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.62% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Wolfspeed

Several institutional investors have recently added to or reduced their stakes in WOLF. Norges Bank purchased a new stake in Wolfspeed during the 4th quarter valued at $308,701,000. FengHe Fund Management Pte. Ltd. boosted its position in Wolfspeed by 438.9% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock valued at $62,272,000 after buying an additional 1,165,600 shares during the period. JANA Partners Management LP purchased a new stake in Wolfspeed during the 3rd quarter valued at $35,662,000. Cibc World Markets Corp purchased a new stake in Wolfspeed during the 4th quarter valued at $34,808,000. Finally, Frontier Capital Management Co. LLC boosted its position in Wolfspeed by 66.2% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,938,492 shares of the company’s stock valued at $107,761,000 after buying an additional 772,055 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.