Wolfspeed (NYSE:WOLF) Shares Up 4.6%

Wolfspeed, Inc. (NYSE:WOLF)’s stock price was up 4.6% on Tuesday . The stock traded as high as $8.74 and last traded at $8.62. Approximately 1,024,129 shares were traded during trading, a decline of 80% from the average daily volume of 5,189,879 shares. The stock had previously closed at $8.24.

Analyst Upgrades and Downgrades

WOLF has been the subject of a number of recent analyst reports. Canaccord Genuity Group dropped their price objective on Wolfspeed from $45.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. Piper Sandler reduced their price objective on shares of Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, August 22nd. New Street Research lowered shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price for the company. in a research report on Wednesday, August 7th. Finally, Bank of America reduced their price target on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $24.53.

Wolfspeed Stock Performance

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 stock has a market capitalization of $1.10 billion, a PE ratio of -1.35 and a beta of 1.52. The firm has a fifty day moving average price of $15.25 and a two-hundred day moving average price of $22.30.

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

Institutional Trading of Wolfspeed

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Wolfspeed by 3.6% during the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after purchasing an additional 449,732 shares in the last quarter. Norges Bank acquired a new position in shares of Wolfspeed in the fourth quarter valued at about $308,701,000. Primecap Management Co. CA lifted its stake in Wolfspeed by 15.3% during the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after acquiring an additional 800,540 shares during the period. Artisan Partners Limited Partnership boosted its holdings in Wolfspeed by 15.5% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock valued at $114,261,000 after purchasing an additional 352,609 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Wolfspeed by 14.3% in the second quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock worth $26,796,000 after buying an additional 147,527 shares during 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.