Wolfspeed (NYSE:WOLF) Stock Price Down 7.2% – Here’s Why

Shares of Wolfspeed, Inc. (NYSE:WOLF) traded down 7.2% during mid-day trading on Tuesday . The company traded as low as $5.95 and last traded at $5.83. 2,582,885 shares changed hands during trading, a decline of 87% from the average session volume of 20,402,717 shares. The stock had previously closed at $6.28.

Analyst Upgrades and Downgrades

WOLF has been the topic of a number of research reports. Mizuho cut their price objective on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a report on Tuesday, November 19th. Piper Sandler restated an “overweight” rating and issued a $18.00 price target (down previously from $20.00) on shares of Wolfspeed in a report on Thursday, November 7th. The Goldman Sachs Group decreased their price objective on shares of Wolfspeed from $19.00 to $17.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Morgan Stanley upped their price target on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Finally, StockNews.com upgraded Wolfspeed to a “sell” rating in a report on Monday, January 6th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $17.07.

Wolfspeed Stock Up 1.2 %

The stock’s 50 day simple moving average is $7.64 and its 200 day simple moving average is $11.54. The stock has a market capitalization of $811.60 million, a P/E ratio of -1.07 and a beta of 1.43. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82.

Insider Activity at Wolfspeed

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

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently bought and sold shares of WOLF. Eastern Bank bought a new stake in shares of Wolfspeed in the 3rd quarter worth approximately $27,000. GAMMA Investing LLC lifted its stake in Wolfspeed by 416.4% in the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after buying an additional 3,664 shares during the last quarter. Arkadios Wealth Advisors acquired a new position in shares of Wolfspeed during the fourth quarter valued at $67,000. Asset Management One Co. Ltd. grew its position in shares of Wolfspeed by 69.0% during 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 last quarter. Finally, Ground Swell Capital LLC acquired a new stake in shares of Wolfspeed in the 3rd quarter worth about $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.