Wolfspeed (NYSE:WOLF) Trading Up 9.1%

Wolfspeed, Inc. (NYSE:WOLF) shares rose 9.1% during trading on Monday . The stock traded as high as $24.50 and last traded at $24.20. Approximately 4,051,210 shares changed hands during trading, a decline of 12% from the average daily volume of 4,617,105 shares. The stock had previously closed at $22.18.

Analysts Set New Price Targets

WOLF has been the topic of several research analyst reports. Susquehanna cut their price target on Wolfspeed from $35.00 to $25.00 and set a “neutral” rating on the stock in a research report on Tuesday. Piper Sandler decreased their price target on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, February 1st. Mizuho started coverage on Wolfspeed in a research report on Friday, April 5th. They set a “neutral” rating and a $30.00 target price on the stock. Wells Fargo & Company reiterated an “equal weight” rating and issued a $30.00 target price (down from $55.00) on shares of Wolfspeed in a research note on Wednesday, April 3rd. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on Wolfspeed from $35.00 to $30.00 and set a “hold” rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Wolfspeed presently has a consensus rating of “Hold” and a consensus price target of $41.88.

Wolfspeed Stock Performance

The company has a 50 day simple moving average of $26.71 and a 200-day simple moving average of $32.45. The company has a current ratio of 5.13, a quick ratio of 4.58 and a debt-to-equity ratio of 4.50.

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 the consensus estimate of ($0.79) by $0.10. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. The firm had revenue of $208.40 million for the quarter, compared to analysts’ expectations of $205.94 million. As a group, equities research analysts predict that Wolfspeed, Inc. will post -3.05 EPS for the current fiscal year.

Insider Buying and Selling at Wolfspeed

In other news, Director Darren R. Jackson acquired 10,000 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were purchased at an average price of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the purchase, the director now directly owns 49,021 shares of the company’s stock, valued at approximately $1,264,741.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.85% of the stock is currently owned by insiders.

Institutional Trading of Wolfspeed

A number of institutional investors and hedge funds have recently made changes to their positions in WOLF. TFO Wealth Partners LLC raised its position 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 purchasing an additional 574 shares during the period. Independence Bank of Kentucky increased its position in Wolfspeed by 97.0% in the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after acquiring an additional 350 shares during the period. Fifth Third Bancorp increased its position in Wolfspeed by 56.9% in the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock valued at $37,000 after acquiring an additional 452 shares during the period. Rakuten Securities Inc. acquired a new stake in Wolfspeed in the 4th quarter valued at approximately $48,000. Finally, GAMMA Investing LLC acquired a new stake in Wolfspeed in the 4th quarter valued at approximately $56,000.

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.