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

Wolfspeed, Inc. (NYSE:WOLF) shares saw unusually-strong trading volume on Tuesday . Approximately 20,685,773 shares were traded during 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.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on WOLF shares. Piper Sandler dropped their target price on shares of Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, August 22nd. TD Cowen dropped 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. Morgan Stanley increased their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a report on Thursday, August 22nd. Finally, Mizuho cut shares of Wolfspeed from a “neutral” rating to an “underperform” rating and dropped 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’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $22.43.

Wolfspeed Stock Performance

The stock has a market cap of $2.00 billion, a price-to-earnings ratio of -2.46 and a beta of 1.52. The company has a debt-to-equity ratio of 6.99, a quick ratio of 3.85 and a current ratio of 4.51. The company’s 50 day simple moving average is $10.37 and its 200 day simple moving average is $19.47.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, August 21st. The company reported ($1.06) 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 company had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. On average, equities research analysts anticipate that Wolfspeed, Inc. will post -3.84 earnings per share for the current year.

Hedge Funds Weigh In On Wolfspeed

Large investors have recently made changes to their positions in the business. Mather Group LLC. boosted its position in shares of Wolfspeed by 385.5% during the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after purchasing an additional 933 shares in the last quarter. Advisors Asset Management Inc. boosted its position in shares of Wolfspeed by 64.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock valued at $52,000 after purchasing an additional 691 shares in the last quarter. Signaturefd LLC boosted its position in shares of Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after purchasing an additional 1,544 shares in the last quarter. Sunbelt Securities Inc. boosted its position in shares of Wolfspeed by 34.7% during the 1st quarter. Sunbelt Securities Inc. now owns 2,724 shares of the company’s stock valued at $80,000 after purchasing an additional 702 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Wolfspeed in the second quarter worth about $75,000.

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.