Wolfspeed (NYSE:WOLF) Trading 8.7% Higher

Wolfspeed, Inc. (NYSE:WOLF) shot up 8.7% on Thursday . The company traded as high as $12.56 and last traded at $12.55. 790,079 shares were traded during trading, a decline of 82% from the average session volume of 4,451,267 shares. The stock had previously closed at $11.55.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on WOLF. Canaccord Genuity Group decreased their price objective on shares of Wolfspeed from $47.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, June 25th. Morgan Stanley reduced their price objective on Wolfspeed from $23.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Thursday. Oppenheimer reissued a “market perform” rating on shares of Wolfspeed in a research report on Tuesday, July 9th. New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price on the stock. in a research report on Wednesday, August 7th. Finally, Citigroup lowered their price objective on shares of Wolfspeed from $29.00 to $25.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. One analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Wolfspeed has an average rating of “Hold” and a consensus price target of $33.73.

Wolfspeed Trading Up 15.8 %

The stock has a market capitalization of $1.68 billion, a P/E ratio of -2.05 and a beta of 1.60. The company has a debt-to-equity ratio of 5.55, a quick ratio of 4.00 and a current ratio of 4.58. The stock has a 50-day moving average price of $21.70 and a two-hundred day moving average price of $24.97.

Insider Buying and Selling

In other Wolfspeed news, Director Marvin Riley purchased 1,866 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were bought at an average cost of $27.05 per share, with a total value of $50,475.30. Following the acquisition, the director now owns 13,297 shares in the company, valued at $359,683.85. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.62% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently made changes to their positions in WOLF. Lazard Asset Management LLC increased its stake in Wolfspeed by 292,375.0% in the 1st quarter. Lazard Asset Management LLC now owns 70,194 shares of the company’s stock worth $2,070,000 after buying an additional 70,170 shares during the period. Vanguard Group Inc. increased its holdings in Wolfspeed by 3.6% during the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after buying an additional 449,732 shares during the period. Boston Partners purchased a new stake in shares of Wolfspeed during the first quarter valued at about $1,621,000. Victory Capital Management Inc. increased its position in Wolfspeed by 17.7% during the 4th quarter. Victory Capital Management Inc. now owns 26,973 shares of the company’s stock valued at $1,174,000 after buying an additional 4,052 shares in the last quarter. Finally, Artisan Partners Limited Partnership boosted its stake in shares of Wolfspeed by 15.5% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock worth $114,261,000 after buying an additional 352,609 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.