Wolfspeed (NYSE:WOLF) Shares Up 7.5% – Should You Buy?

Wolfspeed, Inc. (NYSE:WOLF) was up 7.5% on Monday . The company traded as high as $7.24 and last traded at $7.20. Approximately 4,327,523 shares traded hands during trading, a decline of 37% from the average daily volume of 6,830,878 shares. The stock had previously closed at $6.70.

Wall Street Analyst Weigh In

WOLF has been the topic of several recent analyst reports. New Street Research cut shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a report on Wednesday, August 7th. TD Cowen decreased their target price on Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. Roth Mkm dropped their price target on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Piper Sandler reissued an “overweight” rating and set a $18.00 target price (down from $20.00) on shares of Wolfspeed in a report on Thursday, November 7th. Finally, The Goldman Sachs Group reduced their price objective on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Stock Performance

The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. The stock has a market capitalization of $822.47 million, a P/E ratio of -1.15 and a beta of 1.46. The firm’s 50-day simple moving average is $10.77 and its 200 day simple moving average is $17.09.

Wolfspeed (NYSE:WOLF) last issued 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 for the quarter, compared to the consensus estimate of $201.11 million. Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. Equities research analysts anticipate that Wolfspeed, Inc. will post -4.13 EPS for the current fiscal year.

Institutional Trading of Wolfspeed

Several hedge funds and other institutional investors have recently modified their holdings of WOLF. Two Sigma Advisers LP lifted its position in Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after buying an additional 2,189,500 shares in the last quarter. Primecap Management Co. CA grew its stake in Wolfspeed by 15.3% in the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after purchasing an additional 800,540 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in Wolfspeed by 1,158.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock worth $8,082,000 after purchasing an additional 766,971 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Wolfspeed by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after purchasing an additional 449,732 shares in the last quarter. Finally, Erste Asset Management GmbH acquired a new stake in shares of Wolfspeed during the 3rd quarter valued at about $4,542,000.

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.