Wolfspeed (NYSE:WOLF) Trading 8.4% Higher – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF) shares were up 8.4% on Friday . The company traded as high as $6.28 and last traded at $6.23. Approximately 14,624,243 shares traded hands during mid-day trading, an increase of 37% from the average daily volume of 10,646,914 shares. The stock had previously closed at $5.74.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Susquehanna decreased their price objective on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 22nd. StockNews.com upgraded Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Canaccord Genuity Group cut their target price on Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. The Goldman Sachs Group lowered their price target on Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Finally, Bank of America cut their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a report on Thursday, January 30th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $14.86.

Wolfspeed Stock Up 8.7 %

The company has a market cap of $796.93 million, a P/E ratio of -0.81 and a beta of 1.50. The company has a 50-day simple moving average of $5.86 and a 200 day simple moving average of $8.26. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. On average, equities analysts anticipate that Wolfspeed, Inc. will post -4 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Jones Financial Companies Lllp lifted its position in shares of Wolfspeed by 1,240.6% during the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock valued at $26,000 after buying an additional 3,548 shares during the last quarter. R Squared Ltd acquired a new position in shares of Wolfspeed during the fourth quarter worth $28,000. Steward Partners Investment Advisory LLC grew its stake in Wolfspeed by 192.0% during the 4th 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 during the last quarter. KBC Group NV increased its position in Wolfspeed by 76.5% during the 4th quarter. KBC Group NV now owns 6,064 shares of the company’s stock valued at $40,000 after buying an additional 2,629 shares in the last quarter. Finally, Allworth Financial LP increased its position in Wolfspeed by 38.1% during the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock valued at $44,000 after buying an additional 1,949 shares in the last quarter.

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.