Wolfspeed (NYSE:WOLF) Stock Price Up 7.7%

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

Analyst Ratings Changes

A number of brokerages have recently weighed in on WOLF. Roth Mkm reissued a “buy” rating and set a $50.00 price target on shares of Wolfspeed in a research report on Tuesday. William Blair lowered shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a research note on Thursday. Piper Sandler lowered their price target on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, February 1st. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Wolfspeed from $35.00 to $30.00 and set a “hold” rating on the stock in a research note on Tuesday, April 23rd. Finally, TD Cowen lowered shares of Wolfspeed from a “buy” rating to a “hold” rating and decreased their price target for the company from $40.00 to $25.00 in a research note on Thursday. One analyst has rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $37.27.

Wolfspeed Stock Performance

The stock’s fifty day moving average price is $26.58 and its two-hundred day moving average price is $32.11. The company has a debt-to-equity ratio of 4.50, a quick ratio of 4.58 and a current ratio of 5.13. The company has a market cap of $3.19 billion, a P/E ratio of -3.90 and a beta of 1.64.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.10. The business had revenue of $208.40 million during the quarter, compared to the consensus estimate of $205.94 million. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 25.75%. As a group, equities analysts predict that Wolfspeed, Inc. will post -3.05 earnings per share for the current year.

Hedge Funds Weigh In On Wolfspeed

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State of Michigan Retirement System lifted its stake in Wolfspeed by 1.0% in the 4th quarter. State of Michigan Retirement System now owns 30,022 shares of the company’s stock valued at $1,306,000 after purchasing an additional 300 shares during the last quarter. DekaBank Deutsche Girozentrale increased its position in Wolfspeed by 2.8% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 11,573 shares of the company’s stock valued at $435,000 after acquiring an additional 317 shares during the period. Independence Bank of Kentucky increased its position in Wolfspeed by 97.0% in the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after acquiring an additional 350 shares during the period. Fox Run Management L.L.C. increased its position in shares of Wolfspeed by 3.4% during the third quarter. Fox Run Management L.L.C. now owns 13,407 shares of the company’s stock worth $511,000 after buying an additional 437 shares during the period. Finally, Fifth Third Bancorp boosted its stake in Wolfspeed by 56.9% during the first quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock worth $37,000 after acquiring an additional 452 shares in 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.