Wolfspeed (NYSE:WOLF) Trading 7.5% Higher – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF)’s share price traded up 7.5% on Monday . The company traded as high as $7.24 and last traded at $7.20. 4,327,523 shares were traded during trading, a decline of 37% from the average session volume of 6,830,878 shares. The stock had previously closed at $6.70.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. Susquehanna lowered their price objective on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Roth Mkm reduced their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Canaccord Genuity Group lowered their price target on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Finally, Mizuho cut their price objective on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Wolfspeed has an average rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Stock Performance

The company has a fifty day simple moving average of $10.77 and a two-hundred day simple moving average of $17.09. The stock has a market capitalization of $822.47 million, a P/E ratio of -1.15 and a beta of 1.46. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The company had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. On average, sell-side analysts expect that Wolfspeed, Inc. will post -4.13 earnings per share for the current year.

Hedge Funds Weigh In On Wolfspeed

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Iridian Asset Management LLC CT raised its holdings in shares of Wolfspeed by 319.9% in the third quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after purchasing an additional 397,057 shares during the last quarter. Lazard Asset Management LLC grew its position in Wolfspeed by 292,375.0% in the first quarter. Lazard Asset Management LLC now owns 70,194 shares of the company’s stock valued at $2,070,000 after purchasing an additional 70,170 shares in the last quarter. Rheos Capital Works Inc. increased its stake in Wolfspeed by 140.8% in the 3rd quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock valued at $4,147,000 after buying an additional 250,000 shares during the last quarter. Vanguard Group Inc. lifted its position in Wolfspeed by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after buying an additional 449,732 shares in the last quarter. Finally, Boston Partners acquired a new position in shares of Wolfspeed during the 1st quarter worth about $1,621,000.

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.