Wolfspeed (NYSE:WOLF) Shares Up 8.2% - Here's Why

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report)'s stock price traded up 8.2% during mid-day trading on Friday . The company traded as high as $5.35 and last traded at $5.45. 836,264 shares traded hands during trading, a decline of 92% from the average session volume of 10,041,098 shares. The stock had previously closed at $5.04.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. 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. Piper Sandler cut their target price on shares of Wolfspeed from $18.00 to $10.00 and set an "overweight" rating for the company in a research note on Thursday, January 30th. StockNews.com raised shares of Wolfspeed to a "sell" rating in a research note on Monday, January 6th. The Goldman Sachs Group lowered their price objective on Wolfspeed from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, January 30th. Finally, Susquehanna reduced their target price on Wolfspeed from $11.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, January 22nd. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $14.86.

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Wolfspeed Stock Up 18.0 %

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 company has a market cap of $759.25 million, a PE ratio of -0.77 and a beta of 1.50. The business's 50 day moving average is $6.06 and its 200-day moving average is $8.64.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. As a group, analysts predict that Wolfspeed, Inc. will post -4 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Jones Financial Companies Lllp lifted its stake in Wolfspeed by 1,240.6% during the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock worth $26,000 after purchasing an additional 3,548 shares during the last quarter. R Squared Ltd acquired a new stake in Wolfspeed during the fourth quarter worth approximately $28,000. Steward Partners Investment Advisory LLC lifted its position in shares of Wolfspeed by 192.0% during the 4th 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 last quarter. KBC Group NV boosted its holdings in shares of Wolfspeed by 76.5% in the 4th quarter. KBC Group NV now owns 6,064 shares of the company's stock valued at $40,000 after buying an additional 2,629 shares in the last quarter. Finally, Allworth Financial LP boosted its holdings in shares of Wolfspeed by 38.1% in the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company's stock valued at $44,000 after buying an additional 1,949 shares in the last quarter.

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.