Wolfspeed (NYSE:WOLF) Shares Gap Up – Should You Buy?

Shares of Wolfspeed, Inc. (NYSE:WOLF) gapped up prior to trading on Thursday . The stock had previously closed at $6.94, but opened at $7.40. Wolfspeed shares last traded at $7.18, with a volume of 5,581,146 shares.

Analysts Set New Price Targets

Several research firms recently commented on WOLF. Mizuho dropped their price objective on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 19th. Susquehanna reduced their price target on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research note on Wednesday, January 22nd. Piper Sandler lowered their price objective on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, January 30th. Canaccord Genuity Group decreased their target price on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Finally, The Goldman Sachs Group lowered their price target on Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Wolfspeed has a consensus rating of “Hold” and an average target price of $14.86.

Wolfspeed Stock Down 9.0 %

The firm has a market capitalization of $869.07 million, a PE ratio of -0.89 and a beta of 1.43. 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 company has a 50-day moving average price of $6.44 and a 200 day moving average price of $9.17.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share 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%. Analysts forecast that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Institutional Trading of Wolfspeed

Hedge funds have recently bought and sold shares of the stock. Jones Financial Companies Lllp increased its holdings in shares of Wolfspeed by 1,240.6% in the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock worth $26,000 after purchasing an additional 3,548 shares during the last quarter. Eastern Bank bought a new stake in Wolfspeed in the 3rd quarter worth approximately $27,000. R Squared Ltd purchased a new stake in shares of Wolfspeed during the 4th quarter worth approximately $28,000. Steward Partners Investment Advisory LLC boosted its position in shares of Wolfspeed by 192.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock valued at $29,000 after acquiring an additional 2,912 shares during the last quarter. Finally, KBC Group NV grew its holdings in shares of Wolfspeed by 76.5% in the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock valued at $40,000 after purchasing an additional 2,629 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.