Wolfspeed (NYSE:WOLF) Stock Price Up 6.7% – Should You Buy?

Wolfspeed (NYSE:WOLF) shares rose 6.7% during trading on Friday . The stock traded as high as $1.03 and last traded at $0.93. Approximately 23,253,618 shares were traded during mid-day trading, an increase of 26% from the average daily volume of 18,439,010 shares. The stock had previously closed at $0.87.

Analysts Set New Price Targets

WOLF has been the subject of several recent research reports. Piper Sandler reduced their price target on Wolfspeed from $10.00 to $6.00 and set an “overweight” rating for the company in a research report on Friday, May 9th. JPMorgan Chase & Co. reissued an “underweight” rating on shares of Wolfspeed in a research report on Friday, May 9th. Citigroup reaffirmed a “sell” rating and set a $3.00 target price (down from $7.00) on shares of Wolfspeed in a research report on Friday, May 9th. Finally, The Goldman Sachs Group decreased their price target on Wolfspeed from $15.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Five research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $11.15.

Wolfspeed Trading Up 2.4%

The stock has a 50-day moving average of $2.41 and a 200 day moving average of $4.68. The stock has a market cap of $139.13 million, a PE ratio of -0.11 and a beta of 1.29. The company has a quick ratio of 3.90, a current ratio of 4.64 and a debt-to-equity ratio of 30.65.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Thursday, May 8th. The company reported ($0.72) EPS for the quarter, beating analysts’ consensus estimates of ($0.82) by $0.10. Wolfspeed had a negative return on equity of 103.97% and a negative net margin of 146.43%. The firm had revenue of $185.40 million for the quarter, compared to analyst estimates of $190.03 million. During the same quarter in the prior year, the firm earned ($0.62) earnings per share. Wolfspeed’s revenue for the quarter was down 7.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Wolfspeed will post -4 earnings per share for the current year.

Insiders Place Their Bets

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the company’s stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $3.99, for a total value of $55,496.91. Following the sale, the chief financial officer now owns 195,257 shares in the company, valued at approximately $779,075.43. This represents a 6.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds have recently bought and sold shares of WOLF. New York State Teachers Retirement System boosted its position in Wolfspeed by 2.4% in the 4th quarter. New York State Teachers Retirement System now owns 148,784 shares of the company’s stock worth $991,000 after purchasing an additional 3,500 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Wolfspeed by 5.1% during the 4th quarter. Rhumbline Advisers now owns 309,144 shares of the company’s stock worth $2,059,000 after buying an additional 15,078 shares during the period. Allworth Financial LP raised its stake in shares of Wolfspeed by 38.1% during the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock worth $44,000 after buying an additional 1,949 shares during the period. Principal Financial Group Inc. raised its stake in shares of Wolfspeed by 4.5% during the 4th quarter. Principal Financial Group Inc. now owns 619,057 shares of the company’s stock worth $4,123,000 after buying an additional 26,458 shares during the period. Finally, CIBC Asset Management Inc acquired a new position in shares of Wolfspeed during the 4th quarter worth approximately $70,000.

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.