Wolfspeed (NYSE:WOLF) Shares Up 4.8%

Wolfspeed, Inc. (NYSE:WOLF)’s share price traded up 4.8% during trading on Wednesday . The company traded as high as $9.43 and last traded at $9.32. 2,461,661 shares were traded during mid-day trading, a decline of 56% from the average session volume of 5,546,382 shares. The stock had previously closed at $8.89.

Analysts Set New Price Targets

Several brokerages recently weighed in on WOLF. Deutsche Bank Aktiengesellschaft decreased their target price on Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. New Street Research lowered shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a report on Wednesday, August 7th. Canaccord Genuity Group lowered their target price on shares of Wolfspeed from $45.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Piper Sandler decreased their price objective on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, August 22nd. Finally, Susquehanna dropped their target price on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $24.53.

Wolfspeed Price Performance

The company has a current ratio of 4.51, a quick ratio of 3.85 and a debt-to-equity ratio of 6.99. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of -1.46 and a beta of 1.52. The company’s 50 day moving average is $11.73 and its 200-day moving average is $20.71.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. The firm had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.11 million. Equities research analysts anticipate that Wolfspeed, Inc. will post -3.84 earnings per share for the current year.

Institutional Investors Weigh In On Wolfspeed

Several institutional investors and hedge funds have recently bought and sold shares of the company. TFO Wealth Partners LLC raised its position in Wolfspeed by 57,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after purchasing an additional 574 shares during the last quarter. Mather Group LLC. raised its stake in Wolfspeed by 385.5% during the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after buying an additional 933 shares during the last quarter. Signaturefd LLC boosted its position in Wolfspeed by 284.3% during the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after acquiring an additional 1,544 shares during the last quarter. Advisors Asset Management Inc. grew its holdings in Wolfspeed by 64.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after acquiring an additional 691 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in Wolfspeed in the second quarter valued at approximately $75,000.

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.