Wolfspeed (NYSE:WOLF) Shares Up 4.5%

Shares of Wolfspeed, Inc. (NYSE:WOLF) shot up 4.5% during mid-day trading on Monday . The company traded as high as $20.10 and last traded at $20.10. 118,406 shares traded hands during trading, a decline of 97% from the average session volume of 4,228,901 shares. The stock had previously closed at $19.23.

Analyst Ratings Changes

A number of research firms recently weighed in on WOLF. Citigroup lowered their price target on Wolfspeed from $29.00 to $25.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. Oppenheimer reissued a “market perform” rating on shares of Wolfspeed in a report on Tuesday, July 9th. William Blair cut Wolfspeed from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 2nd. Mizuho lifted their price target on Wolfspeed from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 18th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a research note on Thursday, April 11th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Wolfspeed has an average rating of “Hold” and an average target price of $35.43.

Wolfspeed Stock Performance

The stock’s fifty day simple moving average is $24.44 and its 200-day simple moving average is $26.42. The company has a quick ratio of 4.00, a current ratio of 4.58 and a debt-to-equity ratio of 5.55.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.79) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.82) by $0.03. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 27.37%. The business had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.49 million. Analysts forecast that Wolfspeed, Inc. will post -3.21 earnings per share for the current year.

Insiders Place Their Bets

In other Wolfspeed news, Director Marvin Riley purchased 1,866 shares of Wolfspeed stock in a transaction on Tuesday, May 28th. The shares were bought at an average price of $27.05 per share, with a total value of $50,475.30. Following the purchase, the director now directly owns 13,297 shares in the company, valued at approximately $359,683.85. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.62% of the stock is owned by corporate insiders.

Institutional Trading of Wolfspeed

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. TFO Wealth Partners LLC boosted its position in shares of Wolfspeed by 57,400.0% in the fourth 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 last quarter. Mather Group LLC. increased its position in Wolfspeed by 385.5% during the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after purchasing an additional 933 shares during the last quarter. Independence Bank of Kentucky increased its position in Wolfspeed by 97.0% during the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after purchasing an additional 350 shares during the last quarter. Fifth Third Bancorp raised its stake in Wolfspeed by 56.9% during the first quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock worth $37,000 after purchasing an additional 452 shares during the period. Finally, Rakuten Securities Inc. acquired a new position in shares of Wolfspeed in the 4th quarter valued at $48,000.

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.