Wolfspeed (NYSE:WOLF) Shares Down 3.6% – What’s Next?

Shares of Wolfspeed, Inc. (NYSE:WOLF) dropped 3.6% on Thursday . The company traded as low as $7.40 and last traded at $7.47. Approximately 1,162,946 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 7,398,590 shares. The stock had previously closed at $7.75.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. The Goldman Sachs Group decreased their target price on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Morgan Stanley boosted their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Susquehanna dropped their target price on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Canaccord Genuity Group reduced their price target on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Finally, Mizuho decreased their price target on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday, November 19th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $17.21.

Wolfspeed Stock Performance

The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. The business has a 50 day moving average price of $9.92 and a 200 day moving average price of $13.79. The stock has a market capitalization of $931.03 million, a PE ratio of -1.23 and a beta of 1.38.

Insider Activity at Wolfspeed

In other Wolfspeed news, Chairman Thomas H. Werner purchased 37,500 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was purchased at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the purchase, the chairman now directly owns 108,549 shares of the company’s stock, valued at $708,824.97. This trade represents a 52.78 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Glenda Dorchak purchased 3,592 shares of the stock in a transaction dated Friday, November 22nd. The shares were acquired at an average cost of $8.33 per share, for a total transaction of $29,921.36. Following the completion of the acquisition, the director now owns 18,688 shares of the company’s stock, valued at approximately $155,671.04. This represents a 23.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 78,067 shares of company stock valued at $524,747. 0.84% of the stock is owned by insiders.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Primecap Management Co. CA grew its stake in shares of Wolfspeed by 5.0% in the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after acquiring an additional 303,870 shares during the period. Two Sigma Advisers LP boosted its holdings in Wolfspeed by 813.6% in the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after purchasing an additional 2,189,500 shares during the last quarter. Bank of New York Mellon Corp grew its position in Wolfspeed by 14.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock worth $26,796,000 after purchasing an additional 147,527 shares during the period. Samlyn Capital LLC raised its stake in Wolfspeed by 51.6% during the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after buying an additional 343,277 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Wolfspeed by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock valued at $8,451,000 after buying an additional 21,143 shares during the period.

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.