Wolfspeed (NYSE:WOLF) Trading 10.3% Higher

Wolfspeed, Inc. (NYSE:WOLF) rose 10.3% on Thursday . The stock traded as high as $8.76 and last traded at $8.70. Approximately 2,681,818 shares traded hands during trading, a decline of 50% from the average daily volume of 5,415,710 shares. The stock had previously closed at $7.89.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Morgan Stanley cut their price objective on shares of Wolfspeed from $23.00 to $15.00 and set an “equal weight” rating on the stock in a report on Thursday, August 15th. New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price on the stock. in a research report on Wednesday, August 7th. Canaccord Genuity Group reduced 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. The Goldman Sachs Group dropped their price target on Wolfspeed from $48.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Finally, TD Cowen reduced their price objective on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and a consensus price target 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 stock has a market cap of $1.12 billion, a PE ratio of -1.33 and a beta of 1.52. The company’s 50 day moving average is $12.69 and its 200-day moving average is $21.25.

Wolfspeed (NYSE:WOLF) last released its quarterly 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 return on equity of 37.76% and a negative net margin of 107.93%. The business had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.11 million. As a group, sell-side analysts predict that Wolfspeed, Inc. will post -3.84 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. TFO Wealth Partners LLC increased its holdings in shares of Wolfspeed by 57,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after acquiring an additional 574 shares during the last quarter. Mather Group LLC. increased its stake in Wolfspeed by 385.5% during the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after purchasing an additional 933 shares during the last quarter. Signaturefd LLC raised its holdings in shares of Wolfspeed by 284.3% during the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after purchasing an additional 1,544 shares during the period. Advisors Asset Management Inc. lifted its position in shares of Wolfspeed by 64.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after buying an additional 691 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Wolfspeed in the 2nd quarter valued at about $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.