Wolfspeed (NYSE:WOLF) Downgraded by New Street Research to Neutral

New Street Research cut shares of Wolfspeed (NYSE:WOLF) from a buy rating to a neutral rating in a research note released on Wednesday morning, MarketBeat Ratings reports. The brokerage currently has $18.00 target price on the stock.

WOLF has been the subject of several other reports. TD Cowen lowered Wolfspeed from a buy rating to a hold rating and dropped their price objective for the stock from $40.00 to $25.00 in a research note on Thursday, May 2nd. Mizuho lifted their price target on shares of Wolfspeed from $27.00 to $28.00 and gave the company a neutral rating in a report on Tuesday, June 18th. Oppenheimer reaffirmed a market perform rating on shares of Wolfspeed in a research note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Wolfspeed from $30.00 to $25.00 and set a hold rating for the company in a report on Tuesday, May 7th. Finally, Morgan Stanley reduced their target price on Wolfspeed from $26.00 to $23.00 and set an equal weight rating on the stock in a report on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, Wolfspeed currently has a consensus rating of Hold and a consensus target price of $34.27.

Wolfspeed Stock Down 10.5 %

NYSE WOLF opened at $12.65 on Wednesday. Wolfspeed has a 1-year low of $12.51 and a 1-year high of $57.29. The company has a current ratio of 4.58, a quick ratio of 4.00 and a debt-to-equity ratio of 5.55. The stock’s 50 day moving average is $22.64 and its two-hundred day moving average is $25.44. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of -1.96 and a beta of 1.60.

Insider Activity at Wolfspeed

In other news, Director Marvin Riley acquired 1,866 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was purchased at an average cost of $27.05 per share, with a total value of $50,475.30. Following the acquisition, the director now owns 13,297 shares of the company’s stock, valued at approximately $359,683.85. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.62% of the stock is owned by company insiders.

Institutional Trading of Wolfspeed

Institutional investors have recently bought and sold shares of the business. Arizona State Retirement System lifted its stake in shares of Wolfspeed by 3.1% in the 4th quarter. Arizona State Retirement System now owns 35,016 shares of the company’s stock valued at $1,524,000 after purchasing an additional 1,057 shares during the period. DekaBank Deutsche Girozentrale increased its holdings in Wolfspeed by 418.4% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 60,000 shares of the company’s stock valued at $2,704,000 after purchasing an additional 48,427 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Wolfspeed by 0.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 106,024 shares of the company’s stock worth $4,613,000 after buying an additional 554 shares during the last quarter. Perigon Wealth Management LLC boosted its holdings in Wolfspeed by 44.7% during the fourth quarter. Perigon Wealth Management LLC now owns 8,965 shares of the company’s stock worth $390,000 after buying an additional 2,771 shares during the last quarter. Finally, Louisiana State Employees Retirement System acquired a new position in shares of Wolfspeed during the 4th quarter worth about $1,532,000.

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.