Wolfspeed (NYSE:WOLF) Trading 5.5% Higher - Here's Why

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) traded up 5.5% during mid-day trading on Friday . The stock traded as high as $7.23 and last traded at $7.13. 4,556,732 shares changed hands during trading, a decline of 78% from the average session volume of 20,528,352 shares. The stock had previously closed at $6.76.

Wall Street Analyst Weigh In

WOLF has been the subject of a number of research reports. Piper Sandler reissued an "overweight" rating and issued a $18.00 price target (down from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. Morgan Stanley raised their target price on Wolfspeed from $10.00 to $15.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 16th. Canaccord Genuity Group dropped their price target on Wolfspeed from $25.00 to $18.00 and set a "buy" rating on the stock in a research report on Thursday, November 7th. Susquehanna decreased their price objective on Wolfspeed from $16.00 to $11.00 and set a "neutral" rating for the company in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Wolfspeed from $20.00 to $17.00 and set a "neutral" rating on the stock in a report on Thursday, November 7th. Three 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 MarketBeat.com, Wolfspeed currently has an average rating of "Hold" and a consensus price target of $17.07.

Wolfspeed Trading Down 7.5 %

The firm has a market capitalization of $798.70 million, a PE ratio of -1.05 and a beta of 1.43. The firm has a 50 day simple moving average of $7.70 and a 200 day simple moving average of $11.74. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82.

Insider Activity at Wolfspeed

In other news, Director Darren R. Jackson acquired 36,975 shares of Wolfspeed stock in a transaction that occurred on Wednesday, November 20th. The stock was bought at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the transaction, the director now owns 85,996 shares in the company, valued at $581,332.96. The trade was a 75.43 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Thomas H. Werner bought 37,500 shares of the company's stock in a transaction on Wednesday, November 20th. The stock was purchased at an average cost of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the transaction, the chairman now directly owns 108,549 shares of the company's stock, valued at approximately $708,824.97. The trade was a 52.78 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 78,067 shares of company stock valued at $524,747 over the last ninety days. Insiders own 0.84% of the company's stock.

Hedge Funds Weigh In On Wolfspeed

Several institutional investors have recently made changes to their positions in WOLF. Vontobel Holding Ltd. raised its holdings in Wolfspeed by 5.1% in the 3rd quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company's stock worth $364,000 after purchasing an additional 1,835 shares during the period. New York State Teachers Retirement System raised its stake in shares of Wolfspeed by 1.3% in the third 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 lifted its position in shares of Wolfspeed by 9.3% during 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 in the last quarter. Ensign Peak Advisors Inc grew its stake in shares of Wolfspeed by 5.9% during 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 purchased a new stake in Wolfspeed in the 3rd 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.