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

Wolfspeed, Inc. (NYSE:WOLF)’s stock price gapped up before the market opened 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.

Several other equities analysts have also commented on WOLF. Canaccord Genuity Group decreased their target price on shares of Wolfspeed from $45.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Bank of America decreased their target price on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a report on Friday, August 23rd. Oppenheimer reissued a “market perform” rating on shares of Wolfspeed in a report on Tuesday, July 9th. Susquehanna decreased their target price on shares of Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, August 22nd. Finally, Deutsche Bank Aktiengesellschaft decreased their target price 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. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $22.43.

Institutional Investors Weigh In On Wolfspeed

Institutional investors have recently added to or reduced their stakes in the business. Lazard Asset Management LLC grew its holdings in Wolfspeed by 292,375.0% during the 1st quarter. Lazard Asset Management LLC now owns 70,194 shares of the company’s stock worth $2,070,000 after acquiring an additional 70,170 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Wolfspeed by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after purchasing an additional 449,732 shares during the period. Rheos Capital Works Inc. lifted its position in shares of Wolfspeed by 140.8% in the 3rd quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock worth $4,147,000 after purchasing an additional 250,000 shares during the period. Boston Partners acquired a new position in shares of Wolfspeed in the 1st quarter worth approximately $1,621,000. Finally, B. Riley Wealth Advisors Inc. acquired a new position in shares of Wolfspeed in the 1st quarter worth approximately $245,000.

Wolfspeed Stock Down 1.3 %

The stock has a market cap of $2.01 billion, a price-to-earnings ratio of -2.48 and a beta of 1.52. The company has a current ratio of 4.51, a quick ratio of 3.85 and a debt-to-equity ratio of 6.99. The stock’s 50-day moving average price is $10.48 and its 200-day moving average price is $19.35.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). The firm had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.11 million. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. On average, sell-side analysts expect that Wolfspeed, Inc. will post -3.84 earnings per share for the current year.

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.