Wolfspeed (NYSE:WOLF) Shares Gap Up – Time to Buy?

Wolfspeed, Inc. (NYSE:WOLF)’s share price gapped up before the market opened on Friday . The stock had previously closed at $6.63, but opened at $6.80. Wolfspeed shares last traded at $6.83, with a volume of 1,106,941 shares.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Roth Mkm reduced their price objective on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Mizuho reduced their target price on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a report on Tuesday, November 19th. Piper Sandler reiterated an “overweight” rating and set a $18.00 price target (down from $20.00) on shares of Wolfspeed in a report on Thursday, November 7th. JPMorgan Chase & Co. cut their price objective on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Finally, Morgan Stanley boosted their price target on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Wolfspeed has an average rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Trading Up 2.9 %

The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. The business’s 50-day simple moving average is $9.24 and its two-hundred day simple moving average is $13.18. The stock has a market capitalization of $871.00 million, a price-to-earnings ratio of -1.15 and a beta of 1.38.

Insider Activity at Wolfspeed

In other Wolfspeed news, Director Darren R. Jackson acquired 36,975 shares of the company’s stock in a transaction 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 acquisition, the director now directly owns 85,996 shares of the company’s stock, valued at $581,332.96. This trade represents a 75.43 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Glenda Dorchak purchased 3,592 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were bought at an average cost of $8.33 per share, with a total value of $29,921.36. Following the transaction, the director now directly owns 18,688 shares of the company’s stock, valued at approximately $155,671.04. This represents a 23.79 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 78,067 shares of company stock worth $524,747. 0.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Wolfspeed

Several large investors have recently modified their holdings of WOLF. Signaturefd LLC lifted its stake in Wolfspeed by 284.3% during the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after purchasing an additional 1,544 shares during the last quarter. Eastern Bank bought a new stake in shares of Wolfspeed in the 3rd quarter worth approximately $27,000. GAMMA Investing LLC increased its position in Wolfspeed by 416.4% in the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock worth $44,000 after buying an additional 3,664 shares during the period. Asset Management One Co. Ltd. lifted its stake in Wolfspeed by 69.0% in the third quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock valued at $69,000 after buying an additional 2,885 shares during the last quarter. Finally, Quest Partners LLC boosted its holdings in shares of Wolfspeed by 264.9% during the second quarter. Quest Partners LLC now owns 9,127 shares of the company’s stock valued at $208,000 after acquiring an additional 6,626 shares during the period.

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.