Wolfspeed (NYSE:WOLF) Upgraded at StockNews.com

StockNews.com upgraded shares of Wolfspeed (NYSE:WOLF) to a sell rating in a research report report published on Tuesday.

A number of other research analysts have also recently issued reports on WOLF. The Goldman Sachs Group cut their target price on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Susquehanna cut their target price on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Roth Mkm cut their target price on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Piper Sandler reiterated an “overweight” rating and issued a $18.00 target price (down previously from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Wolfspeed presently has a consensus rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Stock Down 1.3 %

NYSE WOLF opened at $6.66 on Tuesday. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. The stock’s 50 day moving average is $9.75 and its two-hundred day moving average is $13.42. The company has a market capitalization of $850.57 million, a price-to-earnings ratio of -1.12 and a beta of 1.38. Wolfspeed has a 1-year low of $6.10 and a 1-year high of $44.77.

Insider Activity

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

Hedge Funds Weigh In On Wolfspeed

Large investors have recently added to or reduced their stakes in the company. Iridian Asset Management LLC CT grew its holdings in shares of Wolfspeed by 319.9% in the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after acquiring an additional 397,057 shares in the last quarter. Public Sector Pension Investment Board bought a new position in shares of Wolfspeed in the 3rd quarter valued at about $2,590,000. Primecap Management Co. CA grew its holdings in shares of Wolfspeed by 5.0% in the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock valued at $61,587,000 after acquiring an additional 303,870 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Wolfspeed by 41.4% in the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after acquiring an additional 173,409 shares in the last quarter. Finally, Rheos Capital Works Inc. grew its holdings in shares of Wolfspeed by 140.8% in the 3rd quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock valued at $4,147,000 after acquiring an additional 250,000 shares in the last quarter.

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.