Wolfspeed (NYSE:WOLF) Trading Up 10.3% – Should You Buy?

Wolfspeed, Inc. (NYSE:WOLF) shares traded up 10.3% during trading on Tuesday . The company traded as high as $6.83 and last traded at $6.82. 4,439,411 shares traded hands during trading, a decline of 75% from the average session volume of 17,687,512 shares. The stock had previously closed at $6.18.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Canaccord Genuity Group reduced their price target on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Mizuho cut their target price on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research report on Tuesday, November 19th. Bank of America cut their target price on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a research report on Thursday, January 30th. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. cut their target price on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $14.86.

Wolfspeed Trading Up 8.5 %

The firm’s 50-day simple moving average is $6.51 and its 200-day simple moving average is $9.26. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26. The firm has a market capitalization of $856.68 million, a PE ratio of -0.87 and a beta of 1.43.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. Equities analysts expect that Wolfspeed, Inc. will post -4.15 earnings per share for the current year.

Insider Activity

In other news, Chairman Thomas H. Werner acquired 37,500 shares of the stock in a transaction dated Wednesday, November 20th. The stock was purchased at an average cost of $6.53 per share, with a total value of $244,875.00. Following the completion of the purchase, the chairman now owns 108,549 shares in the company, valued at approximately $708,824.97. The trade was a 52.78 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Darren R. Jackson purchased 36,975 shares of the firm’s stock in a transaction that occurred 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 owns 85,996 shares of the company’s stock, valued at $581,332.96. This represents a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 78,067 shares of company stock valued at $524,747. Insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

Institutional investors have recently bought and sold shares of the stock. Jones Financial Companies Lllp raised its stake in Wolfspeed by 1,240.6% in the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock worth $26,000 after buying an additional 3,548 shares in the last quarter. Eastern Bank bought a new position in Wolfspeed in the third quarter worth about $27,000. R Squared Ltd bought a new position in Wolfspeed in the fourth quarter worth about $28,000. Steward Partners Investment Advisory LLC raised its stake in Wolfspeed by 192.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock worth $29,000 after buying an additional 2,912 shares in the last quarter. Finally, KBC Group NV raised its stake in Wolfspeed by 76.5% in the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after buying an additional 2,629 shares in the last quarter.

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.