Wolfspeed (NYSE:WOLF) Trading Up 8.4% – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF)’s stock price was up 8.4% on Friday . The company traded as high as $6.28 and last traded at $6.23. Approximately 14,624,243 shares were traded during trading, an increase of 37% from the average daily volume of 10,646,914 shares. The stock had previously closed at $5.74.

Analyst Upgrades and Downgrades

WOLF has been the topic of several analyst reports. Piper Sandler decreased their target price on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, January 30th. StockNews.com raised Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Susquehanna lowered their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, January 22nd. Canaccord Genuity Group cut their price objective on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Finally, The Goldman Sachs Group decreased their target price on Wolfspeed from $17.00 to $15.00 and set a “buy” 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.com, the company presently has a consensus rating of “Hold” and an average target price of $14.86.

Wolfspeed Trading Up 8.7 %

The stock’s fifty day simple moving average is $5.86 and its two-hundred day simple moving average is $8.26. The firm has a market cap of $796.93 million, a PE ratio of -0.81 and a beta of 1.50. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) earnings per share 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 70.84%. On average, sell-side analysts forecast that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Two Sigma Advisers LP increased its holdings in Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after buying an additional 2,189,500 shares in the last quarter. Frontier Capital Management Co. LLC grew its stake in shares of Wolfspeed by 94.2% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company’s stock valued at $13,658,000 after purchasing an additional 995,020 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Wolfspeed by 1,158.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock valued at $8,082,000 after buying an additional 766,971 shares during the last quarter. Erste Asset Management GmbH purchased a new position in shares of Wolfspeed during the 3rd quarter worth $4,542,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Wolfspeed by 38.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company’s stock valued at $8,040,000 after acquiring an additional 335,966 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.