Wolfspeed (NYSE:WOLF) Shares Up 8.1% – Should You Buy?

Wolfspeed, Inc. (NYSE:WOLF) traded up 8.1% during trading on Monday . The stock traded as high as $7.91 and last traded at $7.75. 2,914,456 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 8,819,156 shares. The stock had previously closed at $7.17.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Roth Mkm decreased their price objective on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Morgan Stanley increased their price target on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. The Goldman Sachs Group reduced their price objective on Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Mizuho lowered their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday, November 19th. Finally, Piper Sandler reiterated an “overweight” rating and set a $18.00 target price (down from $20.00) on shares of Wolfspeed in a report on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Price Performance

The company has a market cap of $983.39 million, a P/E ratio of -1.29 and a beta of 1.43. The company’s 50-day moving average price is $9.09 and its two-hundred day moving average price is $12.86. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82.

Insiders Place Their Bets

In other Wolfspeed news, Director Glenda Dorchak purchased 3,592 shares of Wolfspeed stock in a transaction dated Friday, November 22nd. The shares were bought at an average cost of $8.33 per share, for a total transaction of $29,921.36. Following the transaction, the director now owns 18,688 shares in the company, valued at $155,671.04. This represents a 23.79 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Darren R. Jackson acquired 36,975 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were acquired at an average cost of $6.76 per share, with a total value of $249,951.00. Following the transaction, the director now owns 85,996 shares in the company, valued at approximately $581,332.96. The trade was a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 78,067 shares of company stock valued at $524,747 in the last quarter. Insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its position in shares of Wolfspeed by 66.6% during the fourth quarter. GAMMA Investing LLC now owns 7,569 shares of the company’s stock worth $50,000 after acquiring an additional 3,025 shares during the last quarter. Principal Financial Group Inc. grew its position in Wolfspeed by 41.4% in the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock worth $5,748,000 after purchasing an additional 173,409 shares during the last quarter. Virtu Financial LLC increased its stake in shares of Wolfspeed by 160.8% in the third quarter. Virtu Financial LLC now owns 58,560 shares of the company’s stock valued at $568,000 after purchasing an additional 36,105 shares during the period. Aequim Alternative Investments LP raised its holdings in shares of Wolfspeed by 20.2% during the third quarter. Aequim Alternative Investments LP now owns 196,836 shares of the company’s stock valued at $1,909,000 after buying an additional 33,036 shares during the last quarter. Finally, M&T Bank Corp boosted its position in shares of Wolfspeed by 120.5% during the third quarter. M&T Bank Corp now owns 64,222 shares of the company’s stock worth $623,000 after buying an additional 35,101 shares during the period.

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.