Wolfspeed (NYSE:WOLF) Trading Up 10.3% - What's Next?

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

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. StockNews.com raised Wolfspeed to a "sell" rating in a research note on Monday, January 6th. Mizuho dropped 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. Susquehanna lowered their target price on Wolfspeed from $11.00 to $7.00 and set a "neutral" rating for the company in a research note on Wednesday, January 22nd. Bank of America lowered their target price on Wolfspeed from $9.50 to $6.00 and set an "underperform" rating for the company in a research note on Thursday, January 30th. Finally, Piper Sandler lowered their target price on Wolfspeed from $18.00 to $10.00 and set an "overweight" rating for the company in a research note on Thursday, January 30th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $14.86.

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Wolfspeed Stock Performance

The company has a market capitalization of $869.07 million, a P/E ratio of -0.89 and a beta of 1.43. 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 fifty day moving average price of $6.44 and a two-hundred day moving average price of $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 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%. Equities analysts forecast that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Institutional Trading of Wolfspeed

Institutional investors have recently added to or reduced their stakes in the stock. Eastern Bank bought a new stake in Wolfspeed in the third quarter valued at approximately $27,000. Jones Financial Companies Lllp boosted its holdings in shares of Wolfspeed by 1,240.6% during the 4th quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock worth $26,000 after buying an additional 3,548 shares in the last quarter. R Squared Ltd bought a new position in shares of Wolfspeed during the 4th quarter worth approximately $28,000. Steward Partners Investment Advisory LLC boosted its holdings 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 in the last quarter. Finally, KBC Group NV boosted its holdings in shares of Wolfspeed by 76.5% during the 4th quarter. KBC Group NV now owns 6,064 shares of the company's stock worth $40,000 after buying an additional 2,629 shares in the last quarter.

About Wolfspeed

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.