Wolfspeed (NYSE:WOLF) Reaches New 1-Year Low – Time to Sell?

Shares of Wolfspeed, Inc. (NYSE:WOLFGet Free Report) hit a new 52-week low during trading on Thursday . The stock traded as low as $5.89 and last traded at $5.92, with a volume of 28700733 shares. The stock had previously closed at $7.07.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on WOLF. Morgan Stanley lifted their price target on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Susquehanna reduced their target price on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Mizuho lowered their price target on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a report on Tuesday, November 19th. Piper Sandler reiterated an “overweight” rating and issued a $18.00 price objective (down from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. Finally, Roth Mkm dropped their target price 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 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 stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $17.21.

Read Our Latest Stock Analysis on WOLF

Wolfspeed Stock Down 13.7 %

The firm has a market capitalization of $650.06 million, a price-to-earnings ratio of -0.86 and a beta of 1.43. The business’s 50-day moving average is $8.43 and its two-hundred day moving average is $12.54. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14.

Insiders Place Their Bets

In related news, Director Glenda Dorchak bought 3,592 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were purchased at an average cost of $8.33 per share, for a total transaction of $29,921.36. Following the acquisition, the director now owns 18,688 shares of the company’s stock, valued at approximately $155,671.04. This represents a 23.79 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Thomas H. Werner acquired 37,500 shares of the stock in a transaction dated Wednesday, November 20th. The shares were bought at an average cost of $6.53 per share, with a total value of $244,875.00. Following the transaction, the chairman now directly owns 108,549 shares of the company’s stock, valued at $708,824.97. This represents a 52.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 78,067 shares of company stock worth $524,747. Company insiders own 0.84% of the company’s stock.

Institutional Trading of Wolfspeed

Several hedge funds and other institutional investors have recently modified their holdings of WOLF. Arizona State Retirement System grew its holdings in shares of Wolfspeed by 2.3% during the second quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock worth $802,000 after buying an additional 775 shares in the last quarter. Quest Partners LLC raised its holdings in shares of Wolfspeed by 264.9% in the second quarter. Quest Partners LLC now owns 9,127 shares of the company’s stock valued at $208,000 after purchasing an additional 6,626 shares during the last quarter. Texas Permanent School Fund Corp lifted its position in shares of Wolfspeed by 23.0% in the second quarter. Texas Permanent School Fund Corp now owns 135,262 shares of the company’s stock worth $3,079,000 after purchasing an additional 25,296 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new position in Wolfspeed during the second quarter worth $2,147,000. Finally, Financial Perspectives Inc grew its position in Wolfspeed by 299.9% in the second quarter. Financial Perspectives Inc now owns 10,776 shares of the company’s stock valued at $245,000 after purchasing an additional 8,081 shares in the last quarter.

About Wolfspeed

(Get Free Report)

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.

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