Wolfspeed (NYSE:WOLF) Shares Gap Up - Here's Why

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $3.27, but opened at $3.81. Wolfspeed shares last traded at $4.08, with a volume of 23,922,222 shares trading hands.

Analyst Ratings Changes

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WOLF has been the subject of several recent research reports. Susquehanna reduced their target price on shares of Wolfspeed from $11.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, January 22nd. Canaccord Genuity Group decreased their price target on Wolfspeed from $18.00 to $10.00 and set a "buy" rating for the company in a report on Thursday, January 30th. Bank of America decreased their target price on shares of Wolfspeed from $9.50 to $6.00 and set an "underperform" rating for the company in a research note on Thursday, January 30th. Piper Sandler cut their price objective on shares of Wolfspeed from $18.00 to $10.00 and set an "overweight" rating for the company in a report on Thursday, January 30th. Finally, The Goldman Sachs Group decreased their price objective on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $13.15.

View Our Latest Stock Report on WOLF

Wolfspeed Trading Up 28.0 %

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The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. The stock has a market cap of $534.48 million, a price-to-earnings ratio of -0.54 and a beta of 1.69. The business's 50 day moving average is $4.32 and its 200 day moving average is $7.15.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. As a group, equities analysts expect that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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A number of hedge funds and other institutional investors have recently modified their holdings of WOLF. Allworth Financial LP boosted its holdings in Wolfspeed by 38.1% in the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company's stock worth $44,000 after purchasing an additional 1,949 shares during the period. Sterling Capital Management LLC grew its holdings in Wolfspeed by 51.4% in the 4th quarter. Sterling Capital Management LLC now owns 7,463 shares of the company's stock worth $50,000 after buying an additional 2,533 shares in the last quarter. Ground Swell Capital LLC increased its position in Wolfspeed by 25.6% in the 4th quarter. Ground Swell Capital LLC now owns 12,827 shares of the company's stock valued at $85,000 after acquiring an additional 2,611 shares during the period. KBC Group NV increased its holdings in shares of Wolfspeed by 76.5% during the fourth quarter. KBC Group NV now owns 6,064 shares of the company's stock valued at $40,000 after purchasing an additional 2,629 shares during the period. Finally, Steward Partners Investment Advisory LLC raised its stake in shares of Wolfspeed by 192.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock valued at $29,000 after purchasing an additional 2,912 shares in 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.

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