Wolfspeed Inc. (NYSE: WOLF) Jumps 3.15% In Recent Trade, What Does The Future Hold?

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Wolfspeed Inc. (NYSE:WOLF) price closed higher on Tuesday, November 16, jumping 3.15% above its previous close.

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A look at the daily price movement shows that the last close reads $137.54, with intraday deals fluctuated between $135.50 and $141.97. The company’s 5Y monthly beta was ticking 1.44. Taking into account the 52-week price action we note that the stock hit a 52-week high of $142.33 and 52-week low of $69.43. The stock added 61.40% on its value in the past month.

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Revisions to the company’s EPS highlights a short term direction of a stock’s price movement, which in the last 7 days came up with no upward and no downward reviews. On the technical perspective front, indicators give WOLF a short term outlook of 100% Buy on average. Looking at the stock’s medium term indicators we note that it is averaging as a 50% Buy, while an average of long term indicators are currently assigning the stock as 50% Buy.

Here is a look at the average analyst rating for the stock as represented on a scale of 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock is strong buy or strong sell respectively. Specifically, 16 analysts have assigned WOLF a recommendation rating as follows: 9 rate it as a Hold; 5 advise Buy while 0 analyst(s) assign an Overweight rating. 1 analyst(s) have tagged the Wolfspeed Inc. (WOLF) stock as Underweight, with 1 recommending Sell. In general, analysts have rated the stock Hold, a scenario likely to bolster investors out for an opportunity to add to their holdings of the company’s shares.

The overview shows that WOLF’s price is at present 19.83% off the SMA20 and 44.59% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 80.59, with weekly volatility standing at 4.37%. The indicator jumps to 5.28% when calculated based on the past 30 days. Wolfspeed Inc. (NYSE:WOLF)’s beta value is holding at 1.57, while the average true range (ATR) indicator is currently reading 5.85. Considering analysts have assigned the stock a price target range of $70.00-$150.00 as the low and high respectively, we find the trailing 12-month average consensus price target to be $111.00. Based on this estimate, we see that current price is roughly 50.66% off the estimated low and -5.73% off the forecast high. Investors will no doubt be excited to see the share price rise to $105.00, which is the median consensus price, and at that level WOLF would be 25.99% from current price.

Turning out attention to how the Wolfspeed Inc. stock has performed in comparison to its peers in the industry, here’s what we find: WOLF’s stock is 3.15% on the day and 98.95% in the past 12 months, while NVIDIA Corporation (NVDA) traded 0.59% in the last session and was positioned 123.47% up on its price 12 months ago. Another comparison is with Broadcom Inc. (AVGO) whose stock price was up 0.53% in the last trading session, and has flourished 49.36% over the past year. Also, Intel Corporation (INTC) showed up trend of 0.58% while its price kept floating at 9.57% over the past year. Elsewhere in the market, the S&P 500 Index has rallied 0.39% in last trading session, with the Dow Jones Industrial also saw a positive session on the day with 0.15%.

An analysis of the Wolfspeed Inc. (NYSE:WOLF) stock in terms of its daily trading volume indicates that the 3-month average is 1.68 million. However, this figure increases on the past 10-day timeline to an average of 1.44 million.

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Current records show that the company has 115.92M in outstanding shares. The insiders’ percentage holdings are 0.80% of outstanding shares. The stats also highlight that short interest as of Sep 14, 2021, stood at 12.41 million shares, which puts the short ratio at the time at 6.48. From this we can glean that short interest is 10.71% of company’s current outstanding shares. Notably, we see that shares short in September fall slightly given the previous month’s figure stood at 12.91 million. But the 33.97% upside, the stock’s price has registered year-to-date as of last trading, will likely reignite investor interest given the prospect of it rallying even higher.