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

Wolfspeed, Inc. (NYSE:WOLF) gapped up prior to trading 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 changing hands.

Analyst Ratings Changes

Several analysts recently weighed in on WOLF shares. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. Deutsche Bank Aktiengesellschaft reduced their target price on Wolfspeed from $35.00 to $30.00 and set a “hold” rating for the company in a report on Tuesday. Mizuho assumed coverage on Wolfspeed in a research note on Friday, April 5th. They set a “neutral” rating and a $30.00 price target for the company. JPMorgan Chase & Co. dropped 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. Finally, Piper Sandler dropped their price objective on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, February 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $41.88.

Wolfspeed Stock Up 7.0 %

The firm has a fifty day simple moving average of $26.71 and a 200-day simple moving average of $32.45. 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 company has a market capitalization of $3.04 billion, a P/E ratio of -4.00 and a beta of 1.66.

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

Insider Activity at Wolfspeed

In other Wolfspeed news, Director Darren R. Jackson acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was acquired at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the transaction, the director now directly owns 49,021 shares in the company, valued at $1,264,741.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.85% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Wolfspeed

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Wolfspeed by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 12,629,335 shares of the company’s stock worth $549,502,000 after purchasing an additional 157,668 shares in the last quarter. Norges Bank bought a new position in shares of Wolfspeed during the 4th quarter valued at $308,701,000. Artisan Partners Limited Partnership grew its holdings in Wolfspeed by 15.5% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock worth $114,261,000 after acquiring an additional 352,609 shares during the last quarter. Primecap Management Co. CA grew its holdings in Wolfspeed by 1.6% in the 4th quarter. Primecap Management Co. CA now owns 1,906,494 shares of the company’s stock worth $82,952,000 after acquiring an additional 29,700 shares during the last quarter. Finally, FengHe Fund Management Pte. Ltd. grew its holdings in Wolfspeed by 438.9% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock worth $62,272,000 after acquiring an additional 1,165,600 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.