Wolfspeed (NYSE:WOLF) Trading Up 7% – Time to Buy?

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

Analyst Ratings Changes

WOLF has been the topic of a number of research analyst reports. Canaccord Genuity Group lowered their target price on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday. Mizuho dropped their price objective on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 19th. StockNews.com upgraded Wolfspeed to a “sell” rating in a research note on Monday, January 6th. The Goldman Sachs Group dropped their price target on Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Morgan Stanley increased their price objective on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Wolfspeed presently has an average rating of “Hold” and an average price target of $14.86.

Wolfspeed Stock Up 10.7 %

The company has a market capitalization of $861.04 million, a price-to-earnings ratio of -0.88 and a beta of 1.43. The business has a fifty day simple moving average of $7.49 and a two-hundred day simple moving average of $10.71. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82.

Wolfspeed (NYSE:WOLF) last announced its quarterly 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 60.94%. Equities analysts expect that Wolfspeed, Inc. will post -4.2 EPS for the current year.

Insider Transactions at Wolfspeed

In other news, Director Glenda Dorchak acquired 3,592 shares of Wolfspeed stock in a transaction on Friday, November 22nd. The shares were purchased at an average price of $8.33 per share, with a total value of $29,921.36. Following the acquisition, the director now owns 18,688 shares in the company, valued at $155,671.04. This represents a 23.79 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Thomas H. Werner bought 37,500 shares of the stock in a transaction dated Wednesday, November 20th. The stock was purchased at an average cost of $6.53 per share, with a total value of $244,875.00. Following the completion of the purchase, the chairman now directly owns 108,549 shares in the company, valued at approximately $708,824.97. This trade represents a 52.78 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 78,067 shares of company stock valued at $524,747. Corporate insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

Large investors have recently made changes to their positions in the company. Iridian Asset Management LLC CT lifted its position in Wolfspeed by 319.9% during the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after purchasing an additional 397,057 shares during the period. Public Sector Pension Investment Board bought a new stake in shares of Wolfspeed during the third quarter worth approximately $2,590,000. Primecap Management Co. CA lifted 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 valued at $61,587,000 after buying an additional 303,870 shares during the period. Principal Financial Group Inc. boosted its stake in Wolfspeed by 41.4% in the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after acquiring an additional 173,409 shares during the last quarter. Finally, Rheos Capital Works Inc. grew its holdings in Wolfspeed by 140.8% during the 3rd quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock worth $4,147,000 after acquiring an additional 250,000 shares during the period.

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.