Wolfspeed, Inc. (NYSE:WOLF) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Wolfspeed, Inc. (NYSE:WOLF) have been given a consensus rating of “Hold” by the sixteen analysts that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, ten have given a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $17.21.

A number of equities analysts have recently issued reports on the company. The Goldman Sachs Group dropped their price target on Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. JPMorgan Chase & Co. cut their price objective on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Bank of America reduced their price objective on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research note on Friday, August 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 target price (down previously from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. Finally, Roth Mkm reduced their price target on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, November 7th.

Wolfspeed Stock Down 2.7 %

Shares of NYSE WOLF opened at $8.07 on Friday. The stock has a 50 day moving average price of $10.90 and a 200 day moving average price of $15.27. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of -1.36 and a beta of 1.38. Wolfspeed has a 52-week low of $6.10 and a 52-week high of $47.43. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14.

Insiders Place Their Bets

In other Wolfspeed news, Chairman Thomas H. Werner purchased 37,500 shares of the stock in a transaction on Wednesday, November 20th. The shares were bought at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the transaction, the chairman now owns 108,549 shares of the company’s stock, valued at $708,824.97. This trade represents a 52.78 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Darren R. Jackson acquired 36,975 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was acquired at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the acquisition, the director now owns 85,996 shares of the company’s stock, valued at $581,332.96. This trade represents a 75.43 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 78,067 shares of company stock valued at $524,747. Company insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Eastern Bank purchased a new stake in Wolfspeed in the 3rd quarter worth $27,000. GAMMA Investing LLC grew its position in shares of Wolfspeed by 416.4% in the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after purchasing an additional 3,664 shares during the period. Signaturefd LLC increased its stake in shares of Wolfspeed by 284.3% during the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after purchasing an additional 1,544 shares in the last quarter. Asset Management One Co. Ltd. raised its position in shares of Wolfspeed by 69.0% during the 3rd quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock worth $69,000 after purchasing an additional 2,885 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in Wolfspeed in the 2nd quarter valued at about $75,000.

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.