Wolfspeed, Inc. (NYSE:WOLF) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Wolfspeed, Inc. (NYSE:WOLF) have earned a consensus recommendation of “Hold” from the sixteen brokerages that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, ten have assigned a hold recommendation and four have given a buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $17.21.

Several equities research analysts have commented on WOLF shares. Morgan Stanley upped their target price on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. dropped their price objective on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. 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 research note on Thursday, November 7th. Mizuho dropped their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 19th. Finally, Roth Mkm decreased their price objective 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 Performance

Shares of WOLF stock opened at $7.36 on Tuesday. The stock has a market cap of $939.97 million, a PE ratio of -1.24 and a beta of 1.43. The stock has a 50-day moving average of $8.93 and a 200-day moving average of $12.74. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. Wolfspeed has a one year low of $6.10 and a one year high of $42.23.

Insider Buying and Selling at Wolfspeed

In other news, Chairman Thomas H. Werner acquired 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 transaction, the chairman now directly owns 108,549 shares in the company, valued at approximately $708,824.97. The trade was a 52.78 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Darren R. Jackson bought 36,975 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was purchased 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 in the company, 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 acquired 78,067 shares of company stock worth $524,747. Insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently bought and sold shares of WOLF. Iridian Asset Management LLC CT lifted its position in shares of Wolfspeed by 319.9% in the third quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after buying an additional 397,057 shares during the last quarter. Public Sector Pension Investment Board bought a new stake in Wolfspeed in the 3rd quarter valued at $2,590,000. Primecap Management Co. CA lifted its holdings in Wolfspeed by 5.0% during the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock valued at $61,587,000 after purchasing an additional 303,870 shares during the last quarter. Principal Financial Group Inc. boosted its position in Wolfspeed by 41.4% during the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock worth $5,748,000 after purchasing an additional 173,409 shares during the period. Finally, Rheos Capital Works Inc. increased its holdings in shares of Wolfspeed by 140.8% in the third quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock valued at $4,147,000 after purchasing an additional 250,000 shares during 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.