Wolfspeed (NYSE:WOLF) Shares Up 7.7%

Wolfspeed, Inc. (NYSE:WOLF)’s share price traded up 7.7% during trading on Friday . The stock traded as high as $25.68 and last traded at $25.37. 3,301,464 shares changed hands during trading, a decline of 33% from the average session volume of 4,912,569 shares. The stock had previously closed at $23.56.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Wells Fargo & Company restated an “equal weight” rating and issued a $30.00 price objective (down previously from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. Roth Mkm restated a “buy” rating and issued a $50.00 price target on shares of Wolfspeed in a research note on Tuesday, April 30th. William Blair lowered Wolfspeed from an “outperform” rating to a “market perform” rating in a report on Thursday. Canaccord Genuity Group reduced their target price on Wolfspeed from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Susquehanna cut their price target on shares of Wolfspeed from $25.00 to $23.00 and set a “neutral” rating for the company in a report on Thursday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and a consensus price target of $37.27.

Wolfspeed Stock Up 7.5 %

The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of -3.92 and a beta of 1.64. The company has a quick ratio of 4.58, a current ratio of 4.58 and a debt-to-equity ratio of 5.55. The business’s 50-day moving average is $26.61 and its two-hundred day moving average is $32.02.

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, beating analysts’ consensus estimates of ($0.79) by $0.10. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. The business had revenue of $208.40 million during the quarter, compared to analyst estimates of $205.94 million. Equities analysts anticipate that Wolfspeed, Inc. will post -3.05 EPS for the current year.

Institutional Trading of Wolfspeed

Several large investors have recently added to or reduced their stakes in the stock. TFO Wealth Partners LLC raised its holdings in shares of Wolfspeed by 57,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after acquiring an additional 574 shares during the period. Independence Bank of Kentucky raised its stake in Wolfspeed by 97.0% during the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after purchasing an additional 350 shares during the period. Fifth Third Bancorp boosted its holdings in Wolfspeed by 56.9% in the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock valued at $37,000 after purchasing an additional 452 shares during the last quarter. Rakuten Securities Inc. purchased a new stake in shares of Wolfspeed in the 4th quarter valued at approximately $48,000. Finally, GAMMA Investing LLC acquired a new stake in shares of Wolfspeed during the 4th quarter worth approximately $56,000.

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.