Wolfspeed (NYSE:WOLF) Shares Gap Up – Time to Buy?

by · The Markets Daily

Wolfspeed, Inc. (NYSE:WOLF – Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $3.27, but opened at $3.81. Wolfspeed shares last traded at $4.08, with a volume of 23,922,222 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Bank of America lowered their price target on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a report on Thursday, January 30th. Piper Sandler reduced their price objective on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research note on Monday, January 6th. The Goldman Sachs Group decreased their price objective on shares of Wolfspeed from $15.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. Finally, Susquehanna cut their target price on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 22nd. Three analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and an average target price of $13.15.

View Our Latest Research Report on Wolfspeed

Wolfspeed Stock Up 28.0 %

The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26. The stock’s fifty day moving average is $4.32 and its 200 day moving average is $7.15. The company has a market capitalization of $534.48 million, a P/E ratio of -0.54 and a beta of 1.69.

Wolfspeed (NYSE:WOLF – Get Free Report) last announced its earnings results on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. Research analysts predict that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

Several institutional investors and hedge funds have recently made changes to their positions in WOLF. Allworth Financial LP boosted its position in shares of Wolfspeed by 38.1% during the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock valued at $44,000 after buying an additional 1,949 shares during the last quarter. Sterling Capital Management LLC increased its holdings in shares of Wolfspeed by 51.4% in the 4th quarter. Sterling Capital Management LLC now owns 7,463 shares of the company’s stock worth $50,000 after buying an additional 2,533 shares during the last quarter. Ground Swell Capital LLC raised its position in shares of Wolfspeed by 25.6% during the 4th quarter. Ground Swell Capital LLC now owns 12,827 shares of the company’s stock valued at $85,000 after buying an additional 2,611 shares in the last quarter. KBC Group NV grew its position in Wolfspeed by 76.5% in the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after acquiring an additional 2,629 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC increased its stake in Wolfspeed by 192.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock worth $29,000 after acquiring an additional 2,912 shares during the last quarter.

About Wolfspeed

(Get Free Report)

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.

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