Wolfspeed (NYSE:WOLF) Shares Up 8.4% – Time to Buy?

Wolfspeed, Inc. (NYSE:WOLF) shares were up 8.4% during trading on Friday . The company traded as high as $6.28 and last traded at $6.23. Approximately 14,624,243 shares traded hands during mid-day 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 a number of research reports. Susquehanna reduced their price objective on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 22nd. The Goldman Sachs Group lowered their price objective on Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Bank of America cut their target price on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a research report on Thursday, January 30th. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Finally, Piper Sandler cut their price target on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, January 30th. Three 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 company’s stock. According to data from MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and an average price target of $14.86.

Wolfspeed Price Performance

The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. The firm has a market capitalization of $803.95 million, a price-to-earnings ratio of -0.82 and a beta of 1.50. The business’s fifty day simple moving average is $5.88 and its 200 day simple moving average is $8.23.

Wolfspeed (NYSE:WOLF) last issued its 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 70.84%. On average, research analysts forecast that Wolfspeed, Inc. will post -4 EPS for the current year.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors have recently modified their holdings of WOLF. Thrivent Financial for Lutherans lifted its stake in shares of Wolfspeed by 225.0% in the third quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock valued at $959,000 after buying an additional 68,423 shares in the last quarter. Quest Partners LLC boosted its stake in Wolfspeed by 315.2% during the 3rd quarter. Quest Partners LLC now owns 37,899 shares of the company’s stock valued at $368,000 after purchasing an additional 28,772 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Wolfspeed by 1,158.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock worth $8,082,000 after purchasing an additional 766,971 shares in the last quarter. Intech Investment Management LLC increased its holdings in Wolfspeed by 13.8% during the 3rd quarter. Intech Investment Management LLC now owns 55,700 shares of the company’s stock worth $540,000 after purchasing an additional 6,757 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Wolfspeed by 2.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock valued at $8,451,000 after purchasing an additional 21,143 shares in the last quarter.

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.