Wolfspeed (NYSE:WOLF) Shares Gap Up - Should You Buy?

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report)'s stock price 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 traded.

Wall Street Analysts Forecast Growth

WOLF has been the subject of several recent analyst reports. Roth Mkm reduced their price objective on shares of Wolfspeed from $25.00 to $20.00 and set a "buy" rating for the company in a research note on Thursday, November 7th. The Goldman Sachs Group dropped their price objective on Wolfspeed from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Thursday, January 30th. Canaccord Genuity Group decreased their target price on Wolfspeed from $18.00 to $10.00 and set a "buy" rating on the stock in a research report on Thursday, January 30th. Bank of America lowered their target price on Wolfspeed from $9.50 to $6.00 and set an "underperform" rating on the stock in a report on Thursday, January 30th. Finally, JPMorgan Chase & Co. cut their price target on Wolfspeed from $20.00 to $17.00 and set a "neutral" rating for the company in a research note on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $14.86.

Wolfspeed Price Performance

The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. The stock has a market capitalization of $807.77 million, a PE ratio of -0.82 and a beta of 1.43. The company has a 50-day moving average of $6.44 and a two-hundred day moving average of $9.11.

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Wolfspeed (NYSE:WOLF - Get Free Report) last posted its earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share 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%. Sell-side analysts predict that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

A number of large investors have recently modified their holdings of the stock. American Trust acquired a new position in Wolfspeed during the 4th quarter worth approximately $68,000. PharVision Advisers LLC purchased a new position in shares of Wolfspeed in the fourth quarter valued at $72,000. Voloridge Investment Management LLC increased its stake in Wolfspeed by 0.7% during the 4th quarter. Voloridge Investment Management LLC now owns 1,915,695 shares of the company's stock worth $12,759,000 after buying an additional 12,660 shares during the period. Wexford Capital LP acquired a new position in Wolfspeed in the 4th quarter worth $83,000. Finally, Raiffeisen Bank International AG acquired a new stake in shares of Wolfspeed during the fourth quarter valued at about $1,782,000.

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.