Wolfspeed (NYSE:WOLF) Hits New 1-Year Low at $11.36

Wolfspeed, Inc. (NYSE:WOLF)’s share price reached a new 52-week low during trading on Wednesday . The company traded as low as $11.36 and last traded at $11.39, with a volume of 1302035 shares traded. The stock had previously closed at $12.25.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on WOLF shares. Susquehanna decreased their price objective on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, August 22nd. New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price for the company. in a report on Wednesday, August 7th. Bank of America lowered their price target 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. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Finally, The Goldman Sachs Group decreased their target price on shares of Wolfspeed from $48.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and an average target price of $24.53.

Wolfspeed Stock Performance

The company has a 50 day simple moving average of $18.45 and a 200-day simple moving average of $23.72. The company has a debt-to-equity ratio of 5.55, a current ratio of 4.58 and a quick ratio of 4.00. The stock has a market cap of $1.34 billion, a P/E ratio of -1.64 and a beta of 1.60.

Institutional Trading of Wolfspeed

Hedge funds have recently bought and sold shares of the company. Teachers Retirement System of The State of Kentucky grew its position in Wolfspeed by 34.9% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 369,402 shares of the company’s stock valued at $8,408,000 after acquiring an additional 95,600 shares during the last quarter. Ecofi Investissements SA bought a new position in shares of Wolfspeed during the 2nd quarter valued at $1,251,000. Algert Global LLC raised its position in Wolfspeed by 31.4% in the 2nd quarter. Algert Global LLC now owns 53,076 shares of the company’s stock worth $1,208,000 after purchasing an additional 12,676 shares during the period. Dark Forest Capital Management LP bought a new stake in Wolfspeed in the second quarter worth $681,000. Finally, Point72 DIFC Ltd purchased a new stake in Wolfspeed during the second quarter valued at about $1,515,000.

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.