Wolfspeed (NYSE:WOLF) Stock Price Up 10.3% - Here's Why

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report)'s stock price was up 10.3% on Tuesday . The company traded as high as $6.83 and last traded at $6.82. Approximately 4,439,411 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 17,687,512 shares. The stock had previously closed at $6.18.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Canaccord Genuity Group reduced their price target on shares of Wolfspeed from $18.00 to $10.00 and set a "buy" rating on the stock in a research report on Thursday, January 30th. Mizuho reduced their price target on shares of Wolfspeed from $10.00 to $6.00 and set an "underperform" rating on the stock in a research report on Tuesday, November 19th. StockNews.com upgraded shares of Wolfspeed to a "sell" rating in a research report on Monday, January 6th. Roth Mkm reduced their price target on shares of Wolfspeed from $25.00 to $20.00 and set a "buy" rating on the stock in a research report on Thursday, November 7th. Finally, Bank of America reduced their price target on shares of Wolfspeed from $9.50 to $6.00 and set an "underperform" rating on the stock in a research report on Thursday, January 30th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Wolfspeed has a consensus rating of "Hold" and an average price target of $14.86.

Wolfspeed Stock Performance

The firm has a market cap of $869.09 million, a P/E 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's fifty day simple moving average is $6.44 and its 200-day simple moving average is $9.17.

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

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently made changes to their positions in WOLF. Creative Planning bought a new position in shares of Wolfspeed during the third quarter valued at approximately $224,000. Eastern Bank bought a new stake in Wolfspeed during the 3rd quarter valued at approximately $27,000. Louisiana State Employees Retirement System boosted its position in Wolfspeed by 70.8% during the 3rd quarter. Louisiana State Employees Retirement System now owns 60,800 shares of the company's stock valued at $590,000 after acquiring an additional 25,200 shares in the last quarter. State of Alaska Department of Revenue boosted its position in Wolfspeed by 430.5% during the 3rd quarter. State of Alaska Department of Revenue now owns 71,819 shares of the company's stock valued at $696,000 after acquiring an additional 58,282 shares in the last quarter. Finally, Semanteon Capital Management LP boosted its position in Wolfspeed by 136.6% during the 3rd quarter. Semanteon Capital Management LP now owns 122,444 shares of the company's stock valued at $1,188,000 after acquiring an additional 70,699 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.