Wolfspeed (NYSE:WOLF) Shares Down 3.6% – Should You Sell?

Wolfspeed, Inc. (NYSE:WOLF) shares dropped 3.6% during trading 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.

Wall Street Analyst Weigh In

WOLF has been the topic of several analyst reports. Mizuho cut their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 19th. Morgan Stanley raised their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. The Goldman Sachs Group lowered 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. JPMorgan Chase & Co. cut their price target on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Finally, 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. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Stock Up 2.6 %

The stock’s fifty day moving average is $10.26 and its two-hundred day moving average is $13.97. 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 company has a market capitalization of $1.02 billion, a PE ratio of -1.34 and a beta of 1.38.

Insider Transactions at Wolfspeed

In other news, Chairman Thomas H. Werner bought 37,500 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were 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 owns 108,549 shares in the company, valued at approximately $708,824.97. This represents a 52.78 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Darren R. Jackson acquired 36,975 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average price of $6.76 per share, with a total value 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. The trade was a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 78,067 shares of company stock worth $524,747. Company insiders own 0.84% of the company’s stock.

Institutional Trading of Wolfspeed

A number of institutional investors and hedge funds have recently modified their holdings of the business. Eastern Bank bought a new stake in shares of Wolfspeed during the 3rd quarter valued at about $27,000. GAMMA Investing LLC increased its stake in Wolfspeed by 416.4% in the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock worth $44,000 after buying an additional 3,664 shares in the last quarter. Signaturefd LLC lifted its position in shares of Wolfspeed by 284.3% in the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after acquiring an additional 1,544 shares in the last quarter. Asset Management One Co. Ltd. boosted its stake in shares of Wolfspeed by 69.0% in the third quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock worth $69,000 after acquiring an additional 2,885 shares during the period. Finally, Ground Swell Capital LLC bought a new stake in Wolfspeed during the 3rd quarter valued at approximately $99,000.

Wolfspeed Company Profile

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.