Wolfspeed (NYSE:WOLF) Trading Up 4.6%

Wolfspeed, Inc. (NYSE:WOLF)’s stock price shot up 4.6% during trading on Tuesday . The stock traded as high as $8.74 and last traded at $8.62. 1,024,129 shares were traded during trading, a decline of 80% from the average session volume of 5,189,879 shares. The stock had previously closed at $8.24.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. TD Cowen dropped their target price on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. Susquehanna reduced their price objective on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, August 22nd. Morgan Stanley decreased their target price 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. Piper Sandler reduced their price objective on shares of Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, August 22nd. Finally, New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target for the company. in a research report on Wednesday, August 7th. One investment 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 an average target price of $24.53.

Wolfspeed Stock Up 6.2 %

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 business has a 50 day moving average of $15.25 and a 200-day moving average of $22.30. The stock has a market cap of $1.10 billion, a PE ratio of -1.35 and a beta of 1.52.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The business had revenue of $200.70 million for the quarter, compared to analyst estimates 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 EPS for the current fiscal year.

Hedge Funds Weigh In On Wolfspeed

Large investors have recently bought and sold shares of the company. Victory Capital Management Inc. boosted its holdings in Wolfspeed by 17.7% in the 4th quarter. Victory Capital Management Inc. now owns 26,973 shares of the company’s stock valued at $1,174,000 after purchasing an additional 4,052 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Wolfspeed by 4.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 809,600 shares of the company’s stock worth $35,226,000 after acquiring an additional 34,865 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Wolfspeed by 13.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 665,817 shares of the company’s stock worth $28,976,000 after purchasing an additional 78,071 shares in the last quarter. Avantax Advisory Services Inc. acquired a new position in shares of Wolfspeed during the 4th quarter worth $201,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new position in shares of Wolfspeed in the 4th quarter valued at about $504,000.

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.