Wolfspeed (NYSE:WOLF) Stock Price Up 8.2% – Still a Buy?

Wolfspeed, Inc. (NYSE:WOLF) shot up 8.2% during mid-day trading on Friday . The company traded as high as $5.35 and last traded at $5.45. 836,264 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 10,041,098 shares. The stock had previously closed at $5.04.

Analyst Ratings Changes

Several analysts have commented on the stock. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Piper Sandler dropped their price target on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Mizuho cut their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a report on Tuesday, November 19th. The Goldman Sachs Group decreased their price objective on Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Finally, Bank of America cut their target price on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a report on Thursday, January 30th. 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 stock. According to MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and an average price target of $14.86.

Wolfspeed Stock Up 12.0 %

The firm has a market cap of $720.68 million, a P/E ratio of -0.72 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. The business has a 50-day moving average price of $6.14 and a 200-day moving average price of $8.75.

Wolfspeed (NYSE:WOLF) last released 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 return on equity of 70.84% and a negative net margin of 125.96%. On average, equities analysts forecast that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Institutional Trading of Wolfspeed

Institutional investors have recently bought and sold shares of the stock. Jones Financial Companies Lllp grew its stake in Wolfspeed by 1,240.6% during the 4th quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock valued at $26,000 after purchasing an additional 3,548 shares during the last quarter. R Squared Ltd purchased a new stake in Wolfspeed in the 4th quarter worth approximately $28,000. Steward Partners Investment Advisory LLC lifted its stake in shares of Wolfspeed by 192.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock valued at $29,000 after purchasing an additional 2,912 shares during the period. KBC Group NV boosted its holdings in Wolfspeed by 76.5% during the fourth 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. Finally, Allworth Financial LP raised its position in shares of Wolfspeed by 38.1% in the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock worth $44,000 after acquiring an additional 1,949 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.