Wolfspeed (NYSE:WOLF) Shares Gap Up on Analyst Upgrade

Wolfspeed, Inc. (NYSE:WOLF) shares gapped up prior to trading on Thursday after Morgan Stanley raised their price target on the stock from $10.00 to $15.00. The stock had previously closed at $15.90, but opened at $16.43. Morgan Stanley currently has an equal weight rating on the stock. Wolfspeed shares last traded at $16.76, with a volume of 5,627,449 shares trading hands.

A number of other brokerages have also commented on WOLF. Susquehanna decreased their price objective on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday, August 22nd. TD Cowen cut their price objective on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. Oppenheimer restated a “market perform” rating on shares of Wolfspeed in a research report on Tuesday, July 9th. Canaccord Genuity Group reduced their price objective on shares of Wolfspeed from $45.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Finally, New Street Research cut Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price for the company. in a research report on Wednesday, August 7th. Two 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’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $22.43.

Hedge Funds Weigh In On Wolfspeed

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

Wolfspeed Trading Up 3.8 %

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 stock’s 50 day moving average price is $10.37 and its 200-day moving average price is $19.47. The stock has a market capitalization of $2.08 billion, a PE ratio of -2.62 and a beta of 1.52.

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 return on equity of 37.76% and a negative net margin of 107.93%. The company had revenue of $200.70 million during the quarter, compared to analysts’ expectations of $201.11 million. On average, sell-side analysts expect that Wolfspeed, Inc. will post -3.84 earnings per share for the current fiscal year.

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.