Wolfspeed (NYSE:WOLF) Shares Gap Up on Analyst Upgrade

Wolfspeed, Inc. (NYSE:WOLF)’s stock price gapped up prior to trading on Thursday after Morgan Stanley raised their price target on the stock from $10.00 to $15.00. The stock had previously closed at $15.90, but opened at $16.43. Morgan Stanley currently has an equal weight rating on the stock. Wolfspeed shares last traded at $16.76, with a volume of 5,627,449 shares.

A number of other analysts have also weighed in on WOLF. TD Cowen lowered their target price on Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. Piper Sandler reduced their target price on shares of Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, August 22nd. Bank of America decreased their target price on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research report on Friday, August 23rd. The Goldman Sachs Group reduced their price target on Wolfspeed from $48.00 to $28.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Finally, Oppenheimer reissued a “market perform” rating on shares of Wolfspeed in a research report on Tuesday, July 9th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $22.43.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Mather Group LLC. boosted its holdings in Wolfspeed by 385.5% during the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after acquiring an additional 933 shares during the period. GAMMA Investing LLC boosted its stake in shares of Wolfspeed by 416.4% in the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after purchasing an additional 3,664 shares during the period. Signaturefd LLC grew its holdings in shares of Wolfspeed by 284.3% in the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after purchasing an additional 1,544 shares in the last quarter. Advisors Asset Management Inc. increased its stake in Wolfspeed by 64.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after buying an additional 691 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Wolfspeed during the 2nd quarter worth approximately $75,000.

Wolfspeed Price Performance

The company’s 50-day simple moving average is $10.37 and its 200 day simple moving average is $19.47. The company has a market cap of $2.08 billion, a PE ratio of -2.62 and a beta of 1.52. The company has a debt-to-equity ratio of 6.99, a quick ratio of 3.85 and a current ratio of 4.51.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. The company had revenue of $200.70 million during the quarter, compared to analysts’ expectations of $201.11 million. On average, sell-side analysts predict that Wolfspeed, Inc. will post -3.84 earnings per share for the current fiscal year.

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.