Wolfspeed (NYSE:WOLF) Upgraded at StockNews.com

Wolfspeed (NYSE:WOLF) was upgraded by equities researchers at StockNews.com to a “sell” rating in a research report issued to clients and investors on Tuesday.

A number of other analysts also recently issued reports on the stock. Canaccord Genuity Group lowered their price objective on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Piper Sandler reissued an “overweight” rating and set a $18.00 price target (down from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. Morgan Stanley increased their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. lowered their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Finally, Roth Mkm reduced their price target on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Stock Down 1.3 %

WOLF traded down $0.09 during trading on Tuesday, reaching $6.66. The company had a trading volume of 13,218,259 shares, compared to its average volume of 7,502,835. The business’s fifty day moving average price is $9.75 and its 200 day moving average price is $13.42. 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 12 month low of $6.10 and a 12 month high of $44.77. The company has a market cap of $850.57 million, a P/E ratio of -1.12 and a beta of 1.38.

Insider Transactions at Wolfspeed

In other news, Director Glenda Dorchak acquired 3,592 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were acquired at an average cost of $8.33 per share, with a total value of $29,921.36. Following the completion of the purchase, the director now directly owns 18,688 shares of the company’s stock, valued at $155,671.04. The trade was a 23.79 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Darren R. Jackson bought 36,975 shares of Wolfspeed stock in a transaction on Wednesday, November 20th. The stock was acquired at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the acquisition, the director now owns 85,996 shares in the company, valued at approximately $581,332.96. This represents a 75.43 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 78,067 shares of company stock valued at $524,747. 0.84% of the stock is owned by corporate insiders.

Institutional Trading of Wolfspeed

Hedge funds and other institutional investors have recently modified their holdings of the stock. Signaturefd LLC grew its holdings in shares of Wolfspeed by 284.3% during the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after purchasing an additional 1,544 shares during the last quarter. Eastern Bank acquired a new stake in Wolfspeed during the 3rd quarter worth approximately $27,000. GAMMA Investing LLC grew its holdings in Wolfspeed by 416.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock worth $44,000 after acquiring an additional 3,664 shares during the last quarter. Asset Management One Co. Ltd. increased its position in Wolfspeed by 69.0% in the 3rd quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock valued at $69,000 after acquiring an additional 2,885 shares during the period. Finally, Quest Partners LLC raised its stake in shares of Wolfspeed by 264.9% during the second quarter. Quest Partners LLC now owns 9,127 shares of the company’s stock valued at $208,000 after acquiring an additional 6,626 shares during the last quarter.

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.