Wolfspeed (NYSE:WOLF) Shares Up 8.4% – What’s Next?

Wolfspeed, Inc. (NYSE:WOLF)’s share price shot up 8.4% during trading on Friday . The stock traded as high as $6.28 and last traded at $6.23. 14,624,243 shares traded hands during trading, an increase of 37% from the average session volume of 10,646,914 shares. The stock had previously closed at $5.74.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Bank of America reduced their target price on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a report on Thursday, January 30th. StockNews.com upgraded Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Susquehanna decreased their target price on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, January 22nd. The Goldman Sachs Group lowered their target price on Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Finally, Canaccord Genuity Group lowered their price target on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $14.86.

Wolfspeed Trading Up 9.7 %

The stock’s 50 day simple moving average is $5.88 and its 200 day simple moving average is $8.23. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The firm has a market cap of $803.95 million, a PE ratio of -0.82 and a beta of 1.50.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. On average, sell-side analysts forecast that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

Hedge funds and other institutional investors have recently modified their holdings of the stock. Two Sigma Advisers LP grew its holdings in Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after acquiring an additional 2,189,500 shares during the last quarter. Frontier Capital Management Co. LLC lifted its stake in shares of Wolfspeed by 94.2% in the 4th quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company’s stock valued at $13,658,000 after purchasing an additional 995,020 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Wolfspeed by 1,158.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock valued at $8,082,000 after buying an additional 766,971 shares in the last quarter. Erste Asset Management GmbH purchased a new stake in Wolfspeed in the third quarter worth about $4,542,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Wolfspeed by 38.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company’s stock worth $8,040,000 after buying an additional 335,966 shares during the last quarter.

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.