Wolfspeed (NYSE:WOLF) Trading Up 10.3% – Still a Buy?

Wolfspeed, Inc. (NYSE:WOLF) shares rose 10.3% on Monday . The stock traded as high as $10.48 and last traded at $10.42. Approximately 2,813,071 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 7,263,899 shares. The stock had previously closed at $9.45.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft decreased their price objective on Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a report on Thursday, August 22nd. Susquehanna reduced their target price on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Mizuho dropped their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday, November 19th. TD Cowen reduced their price objective on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. Finally, Canaccord Genuity Group dropped their target price on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Trading Up 12.3 %

The firm’s 50-day simple moving average is $10.92 and its 200 day simple moving average is $15.60. The stock has a market cap of $1.36 billion, a P/E ratio of -1.75 and a beta of 1.38. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82.

Insider Buying and Selling at Wolfspeed

In other news, Chairman Thomas H. Werner purchased 37,500 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was purchased at an average cost of $6.53 per share, with a total value of $244,875.00. Following the purchase, the chairman now owns 108,549 shares in the company, valued at $708,824.97. This trade represents a 52.78 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Darren R. Jackson purchased 36,975 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was acquired at an average cost of $6.76 per share, with a total value of $249,951.00. Following the completion of the acquisition, the director now directly owns 85,996 shares in the company, valued at $581,332.96. The trade was a 75.43 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 78,067 shares of company stock valued at $524,747 in the last quarter. Corporate insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

Hedge funds have recently made changes to their positions in the business. Mather Group LLC. grew its position in Wolfspeed by 385.5% in the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after buying an additional 933 shares during the last quarter. Signaturefd LLC grew its holdings in shares of Wolfspeed by 284.3% in the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after acquiring an additional 1,544 shares during the last quarter. Eastern Bank acquired a new stake in shares of Wolfspeed during the third quarter worth $27,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Wolfspeed during the second quarter valued at $75,000. Finally, GAMMA Investing LLC boosted its position in shares of Wolfspeed by 416.4% in 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.

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.