Wolfspeed (NYSE:WOLF) Shares Gap Up to $8.05

Wolfspeed, Inc. (NYSE:WOLF)’s share price gapped up prior to trading on Friday . The stock had previously closed at $8.05, but opened at $8.54. Wolfspeed shares last traded at $8.80, with a volume of 2,067,046 shares.

Wall Street Analyst Weigh In

Several analysts have weighed in on WOLF shares. The Goldman Sachs Group dropped their price objective on shares of Wolfspeed from $48.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. New Street Research cut shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price objective for the company. in a research note on Wednesday, August 7th. Morgan Stanley dropped their price objective on shares of Wolfspeed from $23.00 to $15.00 and set an “equal weight” rating for the company in a research note on Thursday, August 15th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Finally, TD Cowen dropped their target price on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $24.53.

Wolfspeed Stock Up 12.9 %

The company has a market capitalization of $1.15 billion, a price-to-earnings ratio of -1.36 and a beta of 1.52. The company has a debt-to-equity ratio of 6.99, a current ratio of 4.51 and a quick ratio of 3.85. The firm’s fifty day moving average price is $15.56 and its 200-day moving average price is $22.46.

Institutional Trading of Wolfspeed

Several hedge funds and other institutional investors have recently made changes to their positions in the company. New York State Teachers Retirement System grew its stake in shares of Wolfspeed by 0.3% in the first quarter. New York State Teachers Retirement System now owns 143,499 shares of the company’s stock worth $4,233,000 after purchasing an additional 500 shares during the last quarter. Treasurer of the State of North Carolina increased its stake in shares of Wolfspeed by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 54,998 shares of the company’s stock valued at $2,393,000 after buying an additional 540 shares during the period. TFO Wealth Partners LLC increased its stake 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 valued at $25,000 after buying an additional 574 shares during the period. Green Alpha Advisors LLC raised its position in shares of Wolfspeed by 2.6% during the first quarter. Green Alpha Advisors LLC now owns 26,142 shares of the company’s stock worth $771,000 after acquiring an additional 662 shares during the last quarter. Finally, Seven Eight Capital LP lifted its stake in shares of Wolfspeed by 0.5% in the first quarter. Seven Eight Capital LP now owns 125,954 shares of the company’s stock worth $3,716,000 after acquiring an additional 675 shares during the period.

About Wolfspeed

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.