Wolfspeed (NYSE:WOLF) Trading 7.3% Higher - What's Next?

Shares of Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) traded up 7.3% during trading on Friday . The stock traded as high as $5.47 and last traded at $5.49. 3,407,903 shares traded hands during trading, a decline of 67% from the average session volume of 10,367,245 shares. The stock had previously closed at $5.11.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. StockNews.com raised shares of Wolfspeed to a "sell" rating in a report on Monday, January 6th. Bank of America reduced their target price on shares of Wolfspeed from $9.50 to $6.00 and set an "underperform" rating on the stock in a report on Thursday, January 30th. Canaccord Genuity Group reduced their target price on shares of Wolfspeed from $18.00 to $10.00 and set a "buy" rating on the stock in a report on Thursday, January 30th. Susquehanna reduced their target price on shares of Wolfspeed from $11.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, January 22nd. Finally, The Goldman Sachs Group reduced their target price on shares of Wolfspeed from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, January 30th. 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. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $14.86.

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Wolfspeed Price Performance

The business's 50 day moving average price is $5.86 and its two-hundred day moving average price is $8.29. The stock has a market cap of $695.40 million, a P/E ratio of -0.71 and a beta of 1.50. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26.

Wolfspeed (NYSE:WOLF - Get Free Report) last posted its quarterly earnings data 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 return on equity of 70.84% and a negative net margin of 125.96%. As a group, sell-side analysts expect that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

Hedge funds have recently bought and sold shares of the business. South Dakota Investment Council boosted its stake in Wolfspeed by 26.4% during the fourth quarter. South Dakota Investment Council now owns 717,482 shares of the company's stock worth $4,778,000 after acquiring an additional 149,648 shares in the last quarter. Public Sector Pension Investment Board bought a new stake in Wolfspeed during the third quarter worth about $2,590,000. Primecap Management Co. CA raised its holdings in Wolfspeed by 5.0% in the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company's stock worth $61,587,000 after buying an additional 303,870 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Wolfspeed by 41.4% in the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company's stock worth $5,748,000 after buying an additional 173,409 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its holdings in Wolfspeed by 225.0% in the third quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company's stock worth $959,000 after buying an additional 68,423 shares during 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.