Wolfspeed (NYSE:WOLF) Stock Price Up 7% - What's Next?

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) traded up 7% during mid-day trading on Friday . The company traded as high as $6.52 and last traded at $6.52. 2,632,730 shares changed hands during trading, a decline of 86% from the average session volume of 18,582,102 shares. The stock had previously closed at $6.09.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on WOLF shares. Mizuho cut their price target on shares of Wolfspeed from $10.00 to $6.00 and set an "underperform" rating on the stock in a research note on Tuesday, November 19th. Piper Sandler dropped their price objective on shares of Wolfspeed from $18.00 to $10.00 and set an "overweight" rating on the stock in a report on Thursday. The Goldman Sachs Group reduced their target price on shares of Wolfspeed from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Thursday. Bank of America dropped their price target on Wolfspeed from $9.50 to $6.00 and set an "underperform" rating on the stock in a research note on Thursday. Finally, JPMorgan Chase & Co. decreased their price objective on Wolfspeed from $20.00 to $17.00 and set a "neutral" rating for the company in a report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Wolfspeed has an average rating of "Hold" and an average price target of $14.86.

Wolfspeed Price Performance

The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. The company's 50 day moving average is $7.44 and its 200-day moving average is $10.48.

Wolfspeed (NYSE:WOLF - Get Free Report) last announced its quarterly 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 60.94%. On average, sell-side analysts expect that Wolfspeed, Inc. will post -4.2 EPS for the current year.

Insider Activity at Wolfspeed

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

Hedge Funds Weigh In On Wolfspeed

Several institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its stake in Wolfspeed by 30.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 637,581 shares of the company's stock valued at $14,513,000 after buying an additional 149,093 shares during the last quarter. Algert Global LLC raised its holdings in Wolfspeed by 31.4% during the 2nd quarter. Algert Global LLC now owns 53,076 shares of the company's stock valued at $1,208,000 after acquiring an additional 12,676 shares during the period. Sanctuary Advisors LLC bought a new position in Wolfspeed in the 2nd quarter worth about $220,000. SG Americas Securities LLC boosted its position in shares of Wolfspeed by 231.8% in the third quarter. SG Americas Securities LLC now owns 58,749 shares of the company's stock valued at $570,000 after acquiring an additional 41,041 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of Wolfspeed by 416.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company's stock valued at $44,000 after purchasing an additional 3,664 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.