Wolfspeed (NYSE:WOLF) Shares Gap Up to $22.57

Wolfspeed, Inc. (NYSE:WOLF) shares gapped up before the market opened on Wednesday . The stock had previously closed at $22.57, but opened at $23.62. Wolfspeed shares last traded at $24.32, with a volume of 1,051,383 shares traded.

Wall Street Analyst Weigh In

WOLF has been the topic of a number of analyst reports. Piper Sandler dropped their target price on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, February 1st. Mizuho started coverage on Wolfspeed in a report on Friday, April 5th. They issued a “neutral” rating and a $30.00 price objective for the company. Susquehanna lowered their target price on Wolfspeed from $35.00 to $25.00 and set a “neutral” rating for the company in a report on Tuesday. Deutsche Bank Aktiengesellschaft reduced their price objective on Wolfspeed from $35.00 to $30.00 and set a “hold” rating for the company in a research report on Tuesday. Finally, JPMorgan Chase & Co. cut their price objective on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Wolfspeed has a consensus rating of “Hold” and a consensus price target of $41.88.

Wolfspeed Price Performance

The company has a quick ratio of 4.58, a current ratio of 5.13 and a debt-to-equity ratio of 4.50. The stock has a market cap of $3.04 billion, a price-to-earnings ratio of -4.00 and a beta of 1.66. The company’s 50-day moving average is $26.71 and its 200-day moving average is $32.45.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.10. The firm had revenue of $208.40 million during the quarter, compared to analyst estimates of $205.94 million. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. Equities research analysts expect that Wolfspeed, Inc. will post -3.05 earnings per share for the current fiscal year.

Insider Activity at Wolfspeed

In related news, Director Darren R. Jackson purchased 10,000 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was acquired at an average price of $25.80 per share, with a total value of $258,000.00. Following the completion of the acquisition, the director now directly owns 49,021 shares in the company, valued at approximately $1,264,741.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.85% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Wolfspeed

Hedge funds and other institutional investors have recently made changes to their positions in the company. Envestnet Asset Management Inc. grew its position in shares of Wolfspeed by 234.5% in the 3rd quarter. Envestnet Asset Management Inc. now owns 168,103 shares of the company’s stock valued at $6,405,000 after acquiring an additional 117,848 shares during the period. Vanguard Group Inc. increased its holdings in Wolfspeed by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock worth $475,171,000 after purchasing an additional 188,236 shares in the last quarter. Boston Partners bought a new position in shares of Wolfspeed during the third quarter valued at $2,032,000. UBS Group AG increased its stake in shares of Wolfspeed by 57.5% in the third quarter. UBS Group AG now owns 219,080 shares of the company’s stock valued at $8,347,000 after buying an additional 80,011 shares during the period. Finally, UniSuper Management Pty Ltd raised its holdings in Wolfspeed by 86.7% during the 3rd quarter. UniSuper Management Pty Ltd now owns 703,822 shares of the company’s stock worth $26,816,000 after purchasing an additional 326,810 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.