Wolfspeed (NYSE:WOLF) Rating Increased to Sell at StockNews.com

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

Other equities analysts have also issued reports about the company. Piper Sandler reiterated an “overweight” rating and issued a $18.00 target price (down from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. The Goldman Sachs Group dropped their price objective 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. 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. Roth Mkm lowered their target price on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Finally, Canaccord Genuity Group dropped their price target on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $17.21.

Wolfspeed Stock Up 2.6 %

WOLF stock opened at $7.36 on Monday. Wolfspeed has a one year low of $6.10 and a one year high of $42.23. The stock has a market capitalization of $939.97 million, a P/E ratio of -1.24 and a beta of 1.43. The company has a 50 day moving average price of $8.93 and a two-hundred day moving average price of $12.74. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14.

Insider Transactions at Wolfspeed

In other news, Director Darren R. Jackson purchased 36,975 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were purchased at an average price of $6.76 per share, with a total value of $249,951.00. Following the purchase, the director now directly owns 85,996 shares of the company’s stock, valued at approximately $581,332.96. This represents a 75.43 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Glenda Dorchak acquired 3,592 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was purchased at an average price of $8.33 per share, for a total transaction of $29,921.36. Following the acquisition, the director now directly owns 18,688 shares in the company, valued at $155,671.04. This represents a 23.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 78,067 shares of company stock valued at $524,747 over the last quarter. Company insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently bought and sold shares of WOLF. Two Sigma Advisers LP raised its stake in shares of Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after purchasing an additional 2,189,500 shares in the last quarter. Primecap Management Co. CA increased its holdings in Wolfspeed by 15.3% in the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after buying an additional 800,540 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in Wolfspeed by 1,158.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock valued at $8,082,000 after buying an additional 766,971 shares in the last quarter. Erste Asset Management GmbH bought a new position in Wolfspeed during the 3rd quarter worth approximately $4,542,000. Finally, Iridian Asset Management LLC CT grew its position 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 worth $5,055,000 after acquiring an additional 397,057 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.