Wolfspeed (NYSE:WOLF) Shares Up 13.3% Following Analyst Upgrade

Wolfspeed, Inc. (NYSE:WOLF) shares shot up 13.3% during trading on Wednesday after Morgan Stanley raised their price target on the stock from $10.00 to $15.00. Morgan Stanley currently has an equal weight rating on the stock. Wolfspeed traded as high as $15.64 and last traded at $15.63. 8,563,040 shares changed hands during mid-day trading, an increase of 43% from the average session volume of 5,974,591 shares. The stock had previously closed at $13.80.

A number of other analysts have also issued reports on the company. Bank of America lowered their price target on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research note on Friday, August 23rd. Deutsche Bank Aktiengesellschaft lowered their price target on Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. TD Cowen lowered their price target on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. Piper Sandler lowered their price target on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, August 22nd. Finally, Mizuho lowered Wolfspeed from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $17.00 to $8.00 in a research note on Thursday, October 3rd. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $22.43.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors have recently added to or reduced their stakes in WOLF. Vanguard Group Inc. raised its position in Wolfspeed by 3.6% in the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after purchasing an additional 449,732 shares during the period. Primecap Management Co. CA raised its holdings in shares of Wolfspeed by 15.3% in the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after buying an additional 800,540 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Wolfspeed by 14.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after buying an additional 147,527 shares during the period. Samlyn Capital LLC raised its holdings in shares of Wolfspeed by 51.6% in the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after buying an additional 343,277 shares during the period. Finally, Janus Henderson Group PLC raised its holdings in shares of Wolfspeed by 2.0% in the 1st quarter. Janus Henderson Group PLC now owns 720,961 shares of the company’s stock valued at $21,265,000 after buying an additional 14,007 shares during the period.

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 $2.00 billion, a PE ratio of -2.46 and a beta of 1.52. The company has a fifty day moving average of $10.37 and a 200-day moving average of $19.47.

Wolfspeed (NYSE:WOLF) last released 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 return on equity of 37.76% and a negative net margin of 107.93%. The company had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. Sell-side analysts expect that Wolfspeed, Inc. will post -3.84 EPS for the current fiscal year.

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.