Wolfspeed (NYSE:WOLF) Shares Gap Up – Time to Buy?

Wolfspeed, Inc. (NYSE:WOLF)’s share price gapped up prior to trading on Friday . The stock had previously closed at $9.50, but opened at $9.93. Wolfspeed shares last traded at $10.38, with a volume of 1,864,017 shares.

Analyst Upgrades and Downgrades

WOLF has been the subject of several analyst reports. Oppenheimer reaffirmed a “market perform” rating on shares of Wolfspeed in a research report on Tuesday, July 9th. Piper Sandler lowered their price objective on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft reduced their target price on Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a report on Thursday, August 22nd. Morgan Stanley lowered their price target on shares of Wolfspeed from $23.00 to $15.00 and set an “equal weight” rating for the company in a report on Thursday, August 15th. Finally, TD Cowen reduced their price objective on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $22.43.

Wolfspeed Stock Performance

The company has a market capitalization of $1.46 billion, a price-to-earnings ratio of -1.65 and a beta of 1.52. The company has a 50 day moving average price of $10.40 and a 200 day moving average price of $19.80. The company has a debt-to-equity ratio of 6.99, a quick ratio of 3.85 and a current ratio of 4.51.

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

Institutional Trading of Wolfspeed

A number of hedge funds and other institutional investors have recently bought and sold shares of WOLF. Teachers Retirement System of The State of Kentucky increased its position in shares of Wolfspeed by 68.0% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 250,053 shares of the company’s stock worth $10,879,000 after acquiring an additional 101,203 shares in the last quarter. Virtu Financial LLC bought a new stake in Wolfspeed during the 4th quarter worth approximately $1,700,000. Wellington Management Group LLP raised its stake in shares of Wolfspeed by 43.8% in the fourth quarter. Wellington Management Group LLP now owns 359,129 shares of the company’s stock worth $15,626,000 after purchasing an additional 109,371 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Wolfspeed by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 12,629,335 shares of the company’s stock valued at $549,502,000 after purchasing an additional 157,668 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Wolfspeed by 9.1% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 116,241 shares of the company’s stock valued at $5,058,000 after buying an additional 9,738 shares during the last quarter.

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.