Wolfspeed (NYSE:WOLF) Sees Strong Trading Volume – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF) saw strong trading volume on Tuesday . 20,685,773 shares were traded during mid-day trading, an increase of 260% from the previous session’s volume of 5,750,978 shares.The stock last traded at $14.03 and had previously closed at $11.38.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Susquehanna lowered their target price on shares of Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, August 22nd. The Goldman Sachs Group decreased their price objective on shares of Wolfspeed from $48.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. TD Cowen decreased their price objective on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, August 22nd. Canaccord Genuity Group decreased their price objective on shares of Wolfspeed from $45.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Finally, Mizuho downgraded shares of Wolfspeed from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $17.00 to $8.00 in a report on Thursday, October 3rd. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $22.43.

Wolfspeed Stock Up 15.0 %

The company has a market cap of $2.00 billion, a PE ratio of -2.46 and a beta of 1.52. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99. The firm’s fifty day simple moving average is $10.37 and its 200-day simple moving average is $19.47.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. The business had revenue of $200.70 million during the quarter, compared to analysts’ expectations of $201.11 million. As a group, equities research analysts expect that Wolfspeed, Inc. will post -3.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors have recently modified their holdings of WOLF. Rheos Capital Works Inc. grew its stake in Wolfspeed by 140.8% during the third quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock worth $4,147,000 after buying an additional 250,000 shares during the period. Vontobel Holding Ltd. boosted its stake in shares of Wolfspeed by 5.1% in the third quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company’s stock valued at $364,000 after purchasing an additional 1,835 shares during the period. Creative Planning purchased a new position in shares of Wolfspeed in the third quarter valued at $224,000. Inspire Investing LLC boosted its stake in Wolfspeed by 178.3% during the 3rd quarter. Inspire Investing LLC now owns 42,906 shares of the company’s stock valued at $416,000 after acquiring an additional 27,487 shares during the last quarter. Finally, Green Alpha Advisors LLC boosted its stake in Wolfspeed by 45.2% during the 3rd quarter. Green Alpha Advisors LLC now owns 34,368 shares of the company’s stock valued at $333,000 after acquiring an additional 10,695 shares during the last quarter.

Wolfspeed Company Profile

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.