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

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $4.91, but opened at $5.17. Wolfspeed shares last traded at $5.00, with a volume of 2,189,798 shares traded.

Wall Street Analysts Forecast Growth

WOLF has been the subject of several recent analyst reports. Mizuho decreased their price target on Wolfspeed from $10.00 to $6.00 and set an "underperform" rating for the company in a research note on Tuesday, November 19th. Canaccord Genuity Group dropped their target price on shares of Wolfspeed from $25.00 to $18.00 and set a "buy" rating on the stock in a research report on Thursday, November 7th. Susquehanna reduced their price objective on Wolfspeed from $16.00 to $11.00 and set a "neutral" rating for the company in a research note on Thursday, November 7th. Roth Mkm decreased their target price 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. Finally, Morgan Stanley boosted their price target on Wolfspeed from $10.00 to $15.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 16th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Wolfspeed currently has an average rating of "Hold" and an average target price of $17.07.

Wolfspeed Stock Performance

The firm has a market cap of $867.79 million, a price-to-earnings ratio of -1.14 and a beta of 1.43. The stock has a 50-day moving average of $7.80 and a 200-day moving average of $11.98. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14.

Insider Activity at Wolfspeed

In other Wolfspeed news, Director Darren R. Jackson acquired 36,975 shares of the company's stock in a transaction on Wednesday, November 20th. The shares were purchased at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the purchase, the director now directly owns 85,996 shares of the company's stock, valued at approximately $581,332.96. This represents a 75.43 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Glenda Dorchak bought 3,592 shares of Wolfspeed stock in a transaction dated Friday, November 22nd. The shares were acquired at an average price of $8.33 per share, with a total value of $29,921.36. Following the completion of the purchase, the director now directly owns 18,688 shares in the company, valued at $155,671.04. This trade represents a 23.79 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 78,067 shares of company stock valued at $524,747. 0.84% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Wolfspeed

Large investors have recently added to or reduced their stakes in the business. Vontobel Holding Ltd. increased its holdings in shares of Wolfspeed by 5.1% in the third quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company's stock valued at $364,000 after purchasing an additional 1,835 shares during the last quarter. New York State Teachers Retirement System boosted its holdings in shares of Wolfspeed by 1.3% during the 3rd quarter. New York State Teachers Retirement System now owns 145,284 shares of the company's stock worth $1,409,000 after buying an additional 1,885 shares during the period. ProShare Advisors LLC grew its stake in Wolfspeed by 9.3% in the 2nd quarter. ProShare Advisors LLC now owns 23,395 shares of the company's stock valued at $532,000 after buying an additional 1,993 shares during the last quarter. Ensign Peak Advisors Inc raised its holdings in Wolfspeed by 5.9% in the 2nd quarter. Ensign Peak Advisors Inc now owns 42,501 shares of the company's stock valued at $967,000 after acquiring an additional 2,350 shares during the period. Finally, Eastern Bank acquired a new stake in Wolfspeed during the third quarter worth approximately $27,000.

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.