Wolfspeed (NYSE:WOLF) Stock Price Up 12.6% – Still a Buy?

Shares of Wolfspeed, Inc. (NYSE:WOLF) rose 12.6% during trading on Monday . The stock traded as high as $10.81 and last traded at $10.79. Approximately 5,691,999 shares changed hands during mid-day trading, a decline of 21% from the average daily volume of 7,195,322 shares. The stock had previously closed at $9.58.

Wall Street Analysts Forecast Growth

WOLF has been the topic of several research reports. The Goldman Sachs Group decreased their price target on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. JPMorgan Chase & Co. reduced their price objective on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Canaccord Genuity Group reduced their price objective on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Susquehanna reduced their price objective on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Trading Down 5.2 %

The business’s fifty day moving average is $10.89 and its 200-day moving average is $15.96. The firm has a market cap of $1.34 billion, a P/E ratio of -1.77 and a beta of 1.38. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14.

Insider Activity at Wolfspeed

In other news, Chairman Thomas H. Werner purchased 37,500 shares of the stock in a transaction on Wednesday, November 20th. The stock was purchased at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the acquisition, the chairman now owns 108,549 shares in the company, valued at $708,824.97. This trade represents a 52.78 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Glenda Dorchak purchased 3,592 shares of the stock in a transaction on Friday, November 22nd. The shares were purchased at an average price of $8.33 per share, with a total value of $29,921.36. Following the acquisition, the director now owns 18,688 shares in the company, valued at approximately $155,671.04. The trade was a 23.79 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 78,067 shares of company stock worth $524,747 in the last quarter. 0.84% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Mather Group LLC. raised its holdings in Wolfspeed by 385.5% during the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after purchasing an additional 933 shares during the last quarter. Eastern Bank acquired a new stake in shares of Wolfspeed during the 3rd quarter worth approximately $27,000. GAMMA Investing LLC grew its position in shares of Wolfspeed by 416.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock worth $44,000 after buying an additional 3,664 shares during the period. Signaturefd LLC grew its position in shares of Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after buying an additional 1,544 shares during the period. Finally, Asset Management One Co. Ltd. grew its position in shares of Wolfspeed by 69.0% during the 3rd quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock worth $69,000 after buying an additional 2,885 shares during the period.

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.