Wolfspeed (NYSE:WOLF) Shares Up 5.5% – Should You Buy?

Wolfspeed, Inc. (NYSE:WOLF) shares were up 5.5% during mid-day trading on Friday . The stock traded as high as $7.23 and last traded at $7.13. Approximately 4,556,732 shares were traded during trading, a decline of 78% from the average daily volume of 20,528,352 shares. The stock had previously closed at $6.76.

Analysts Set New Price Targets

A number of research firms recently weighed in on WOLF. Canaccord Genuity Group cut their target price on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Mizuho dropped their price objective on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday, November 19th. Piper Sandler restated an “overweight” rating and set a $18.00 target price (down from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. JPMorgan Chase & Co. dropped their price target on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Finally, Roth Mkm dropped their price objective on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $17.07.

Wolfspeed Stock Performance

The stock has a market capitalization of $829.09 million, a price-to-earnings ratio of -1.09 and a beta of 1.43. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. The firm’s 50 day moving average is $7.77 and its 200-day moving average is $11.94.

Insider Activity

In other Wolfspeed news, Director Glenda Dorchak acquired 3,592 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was bought at an average price of $8.33 per share, for a total transaction of $29,921.36. Following the acquisition, the director now owns 18,688 shares in the company, valued at approximately $155,671.04. The trade was a 23.79 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Darren R. Jackson bought 36,975 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was bought at an average cost of $6.76 per share, with a total value of $249,951.00. Following the completion of the purchase, the director now directly owns 85,996 shares in the company, valued at approximately $581,332.96. The trade was a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 78,067 shares of company stock worth $524,747 over the last quarter. 0.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Wolfspeed

A number of hedge funds have recently added to or reduced their stakes in WOLF. Eastern Bank acquired a new position in shares of Wolfspeed during the third quarter worth about $27,000. GAMMA Investing LLC raised its stake in 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 buying an additional 3,664 shares in the last quarter. Asset Management One Co. Ltd. boosted its position in shares of Wolfspeed by 69.0% during the 3rd quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock worth $69,000 after acquiring an additional 2,885 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Wolfspeed in the 2nd quarter valued at about $220,000. Finally, Arkadios Wealth Advisors acquired a new stake in shares of Wolfspeed during the 4th quarter worth about $67,000.

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.