Wolfspeed (NYSE:WOLF) Stock Price Up 8.1% – Should You Buy?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price was up 8.1% during mid-day trading on Monday . The stock traded as high as $7.91 and last traded at $7.75. Approximately 2,914,456 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 8,819,156 shares. The stock had previously closed at $7.17.

Analyst Upgrades and Downgrades

WOLF has been the topic of a number of recent analyst reports. The Goldman Sachs Group cut their price objective on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Roth Mkm dropped their price target on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Mizuho decreased their price objective on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a report on Tuesday, November 19th. Canaccord Genuity Group dropped their target price on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. cut their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $17.21.

Wolfspeed Price Performance

The stock has a 50-day moving average of $9.09 and a two-hundred day moving average of $12.86. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. The firm has a market cap of $983.39 million, a price-to-earnings ratio of -1.29 and a beta of 1.43.

Insiders Place Their Bets

In related news, Chairman Thomas H. Werner bought 37,500 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was bought at an average price of $6.53 per share, with a total value of $244,875.00. Following the purchase, the chairman now directly owns 108,549 shares of the company’s stock, valued at approximately $708,824.97. This represents a 52.78 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Darren R. Jackson acquired 36,975 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were purchased at an average price of $6.76 per share, with a total value of $249,951.00. Following the completion of the acquisition, the director now owns 85,996 shares of the company’s stock, valued at $581,332.96. This represents a 75.43 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 78,067 shares of company stock worth $524,747 over the last ninety days. 0.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Wolfspeed

Institutional investors have recently bought and sold shares of the stock. Eastern Bank acquired a new position in Wolfspeed during the 3rd quarter worth $27,000. GAMMA Investing LLC boosted its stake in Wolfspeed by 416.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after purchasing an additional 3,664 shares during the period. Asset Management One Co. Ltd. boosted its stake in Wolfspeed by 69.0% during the 3rd quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock valued at $69,000 after purchasing an additional 2,885 shares during the period. Ground Swell Capital LLC bought a new position in Wolfspeed in the 3rd quarter worth approximately $99,000. Finally, US Bancorp DE lifted its holdings in shares of Wolfspeed by 225.9% during the third quarter. US Bancorp DE now owns 11,343 shares of the company’s stock worth $110,000 after buying an additional 7,863 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.