Wolfspeed (NYSE:WOLF) Trading Up 8.1% – Should You Buy?

Wolfspeed, Inc. (NYSE:WOLF)’s share price shot up 8.1% during trading on Monday . The stock traded as high as $7.91 and last traded at $7.75. 2,914,456 shares were traded during trading, a decline of 67% from the average session volume of 8,819,156 shares. The stock had previously closed at $7.17.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Mizuho lowered their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 19th. The Goldman Sachs Group dropped their target price on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Canaccord Genuity Group reduced their price target on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. JPMorgan Chase & Co. dropped their price objective on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Finally, Roth Mkm reduced their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Wolfspeed presently has a consensus rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Stock Performance

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 stock has a market capitalization of $756.06 million, a price-to-earnings ratio of -0.99 and a beta of 1.43. The stock has a 50-day moving average of $8.76 and a 200 day moving average of $12.63.

Insider Buying and Selling at Wolfspeed

In other news, Director Darren R. Jackson acquired 36,975 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the acquisition, the director now owns 85,996 shares in the company, valued at $581,332.96. This trade represents a 75.43 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Thomas H. Werner purchased 37,500 shares of Wolfspeed stock in a transaction dated Wednesday, November 20th. The shares were purchased at an average cost of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the transaction, the chairman now owns 108,549 shares of the company’s stock, valued at approximately $708,824.97. This represents a 52.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 78,067 shares of company stock worth $524,747. Insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

Large investors have recently modified their holdings of the business. GAMMA Investing LLC raised its holdings in shares of Wolfspeed by 66.6% during the fourth quarter. GAMMA Investing LLC now owns 7,569 shares of the company’s stock worth $50,000 after acquiring an additional 3,025 shares during the period. Principal Financial Group Inc. raised its stake in shares of Wolfspeed by 41.4% in the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after purchasing an additional 173,409 shares during the period. Virtu Financial LLC lifted its holdings in shares of Wolfspeed by 160.8% in the third quarter. Virtu Financial LLC now owns 58,560 shares of the company’s stock valued at $568,000 after purchasing an additional 36,105 shares in the last quarter. Aequim Alternative Investments LP boosted its position in shares of Wolfspeed by 20.2% during the third quarter. Aequim Alternative Investments LP now owns 196,836 shares of the company’s stock worth $1,909,000 after buying an additional 33,036 shares during the period. Finally, M&T Bank Corp grew its holdings in shares of Wolfspeed by 120.5% during the third quarter. M&T Bank Corp now owns 64,222 shares of the company’s stock worth $623,000 after buying an additional 35,101 shares in 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.