Following The Money: Institution’s Growing Stake In Wolfspeed Inc (NYSE: WOLF)

Wolfspeed Inc (WOLF) concluded trading on Wednesday at a closing price of $27.02, with 4.27 million shares of worth about $115.49 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -28.86% during that period and on April 3, 2024 the price saw a loss of about -2.63%. Currently the company’s common shares owned by public are about 124.79M shares, out of which, 123.22M shares are available for trading.

Stock saw a price change of 0.33% in past 5 days and over the past one month there was a price change of -1.60%. Year-to-date (YTD), WOLF shares are showing a performance of -37.90% which decreased to -58.40% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $23.54 but also hit the highest price of $70.42 during that period. The average intraday trading volume for Wolfspeed Inc shares is 4.79 million. The stock is currently trading -1.82% below its 20-day simple moving average (SMA20), while that difference is down -4.73% for SMA50 and it goes to -32.99% lower than SMA200.

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Wolfspeed Inc (NYSE: WOLF) currently have 124.79M outstanding shares and institutions hold larger chunk of about 110.38% of that.

The stock has a current market capitalization of $3.40B and its 3Y-monthly beta is at 1.65. It has posted earnings per share of -$6.02 in the same period. It has Quick Ratio of 4.54 while making debt-to-equity ratio of 4.60. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for WOLF, volatility over the week remained 4.92% while standing at 5.89% over the month.

Analysts are in expectations that Wolfspeed Inc (WOLF) stock would likely to be making an EPS of -$0.64 in the current quarter, while forecast for next quarter EPS is -$0.6 and it is -$1.83 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.68 which is -$0.59 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.13 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -234.71% while it is estimated to increase by 24.64% in next year.

Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Wells Fargo on Apr-04-24 offering an Equal weight rating for the stock and assigned a target price range of between $55 and $30 to it. Coverage by Jefferies stated Wolfspeed Inc (WOLF) stock as a Hold in their note to investors on May 18, 2023, suggesting a price target of $46 for the stock. On April 27, 2023, Oppenheimer Downgrade their recommendations, while on April 17, 2023, JP Morgan Downgrade their ratings for the stock with a price target of $65. Stock get a Neutral rating from Citigroup on April 03, 2023.

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