Wolfspeed (NYSE:WOLF) Shares Gap Up - Still a Buy?

Shares of Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $6.94, but opened at $7.40. Wolfspeed shares last traded at $7.18, with a volume of 5,581,146 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on WOLF shares. Piper Sandler cut their price objective on shares of Wolfspeed from $18.00 to $10.00 and set an "overweight" rating for the company in a research report on Thursday, January 30th. Bank of America cut their price target 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. Mizuho decreased their price objective on Wolfspeed from $10.00 to $6.00 and set an "underperform" rating on the stock in a report on Tuesday, November 19th. Roth Mkm cut their target price on Wolfspeed from $25.00 to $20.00 and set a "buy" rating for the company in a research note on Thursday, November 7th. Finally, Susquehanna decreased their price target on Wolfspeed from $11.00 to $7.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 22nd. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Wolfspeed presently has a consensus rating of "Hold" and a consensus price target of $14.86.

Wolfspeed Stock Down 9.0 %

The company has a market capitalization of $869.09 million, a PE ratio of -0.89 and a beta of 1.43. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26. The business has a fifty day moving average of $6.44 and a 200 day moving average of $9.17.

Wolfspeed (NYSE:WOLF - Get Free Report) last posted 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 research analysts anticipate that Wolfspeed, Inc. will post -4 EPS for the current year.

Institutional Trading of Wolfspeed

A number of large investors have recently modified their holdings of WOLF. Eastern Bank acquired a new position in Wolfspeed during the 3rd quarter worth $27,000. Jones Financial Companies Lllp boosted its stake in shares of Wolfspeed by 1,240.6% in the 4th 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 period. R Squared Ltd purchased a new position in shares of Wolfspeed in the 4th quarter valued at about $28,000. Steward Partners Investment Advisory LLC increased its stake in shares of Wolfspeed by 192.0% during 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 during the period. Finally, KBC Group NV increased its stake in shares of Wolfspeed by 76.5% during 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 during the period.

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.