Wolfspeed (NYSE:WOLF) Shares Gap Up – What’s Next?

Wolfspeed, Inc. (NYSE:WOLF) gapped up prior to trading on Friday . The stock had previously closed at $8.61, but opened at $8.95. Wolfspeed shares last traded at $8.85, with a volume of 1,238,157 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Susquehanna lowered their target price on shares of Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. Oppenheimer reiterated a “market perform” rating on shares of Wolfspeed in a report on Tuesday, July 9th. Canaccord Genuity Group lowered their target price on Wolfspeed from $45.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Finally, The Goldman Sachs Group cut their price target on Wolfspeed from $48.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $23.93.

Wolfspeed Trading Up 7.2 %

The firm has a market capitalization of $1.16 billion, a PE ratio of -1.43 and a beta of 1.52. The business has a fifty day moving average price of $11.34 and a two-hundred day moving average price of $20.54. The company has a current ratio of 4.51, a quick ratio of 3.85 and a debt-to-equity ratio of 6.99.

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

Institutional Trading of Wolfspeed

Institutional investors have recently added to or reduced their stakes in the stock. TFO Wealth Partners LLC boosted its position in shares of Wolfspeed by 57,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after buying an additional 574 shares during the period. Mather Group LLC. boosted its holdings in Wolfspeed by 385.5% during the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after acquiring an additional 933 shares during the period. Signaturefd LLC grew its position in Wolfspeed by 284.3% in the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after acquiring an additional 1,544 shares in the last quarter. Advisors Asset Management Inc. grew its position in Wolfspeed by 64.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock valued at $52,000 after acquiring an additional 691 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Wolfspeed during the second quarter worth about $75,000.

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.