Wolfspeed (NYSE:WOLF) Sees Strong Trading Volume – What’s Next?

Wolfspeed, Inc. (NYSE:WOLF) saw unusually-high trading volume on Friday . Approximately 4,487,471 shares changed hands during mid-day trading, a decline of 32% from the previous session’s volume of 6,613,284 shares.The stock last traded at $9.22 and had previously closed at $8.33.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. decreased their price target on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday. New Street Research lowered shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price objective on the stock. in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft cut their price objective 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. Bank of America decreased their target price on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research report on Friday, August 23rd. Finally, Roth Mkm reduced their price objective on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Wolfspeed currently has a consensus rating of “Hold” and an average price target of $17.36.

Wolfspeed Stock Up 20.4 %

The business has a 50 day simple moving average of $10.92 and a 200 day simple moving average of $18.03. The stock has a market cap of $1.27 billion, a PE ratio of -1.69 and a beta of 1.46. The company has a debt-to-equity ratio of 6.99, a current ratio of 4.51 and a quick ratio of 3.85.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, November 6th. The company reported ($1.11) earnings per share for the quarter, topping the consensus estimate of ($1.20) by $0.09. Wolfspeed had a negative return on equity of 45.09% and a negative net margin of 93.31%. The firm had revenue of $194.70 million during the quarter, compared to analyst estimates of $200.11 million. On average, equities research analysts forecast that Wolfspeed, Inc. will post -4.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Seven Eight Capital LP raised its stake in shares of Wolfspeed by 0.5% in the 1st quarter. Seven Eight Capital LP now owns 125,954 shares of the company’s stock valued at $3,716,000 after buying an additional 675 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of Wolfspeed by 64.8% during the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after purchasing an additional 691 shares in the last quarter. Arizona State Retirement System raised its holdings in Wolfspeed by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock worth $802,000 after purchasing an additional 775 shares during the last quarter. Mather Group LLC. boosted its position in shares of Wolfspeed by 385.5% in the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after purchasing an additional 933 shares during the last quarter. Finally, Signaturefd LLC grew its holdings 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 purchasing an additional 1,544 shares during the period.

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.