Wolfspeed (NYSE:WOLF) Stock Price Down 4.6% After Analyst Downgrade

Wolfspeed, Inc. (NYSE:WOLF)’s stock price dropped 4.6% on Monday after Bank of America lowered their price target on the stock from $25.00 to $15.00. Bank of America currently has an underperform rating on the stock. Wolfspeed traded as low as $13.16 and last traded at $13.19. Approximately 1,119,611 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 4,727,421 shares. The stock had previously closed at $13.82.

Several other research analysts also recently weighed in on WOLF. Oppenheimer reissued a “market perform” rating on shares of Wolfspeed in a research report on Tuesday, July 9th. Susquehanna lowered their price objective on shares of Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday. Piper Sandler lowered their price target on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday. Canaccord Genuity Group dropped their target price on Wolfspeed from $47.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, June 25th. Finally, New Street Research downgraded shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price on the stock. in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $25.87.

Insider Buying and Selling

In related news, Director Marvin Riley acquired 1,866 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was purchased at an average price of $27.05 per share, for a total transaction of $50,475.30. Following the transaction, the director now directly owns 13,297 shares of the company’s stock, valued at approximately $359,683.85. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.62% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Wolfspeed

Hedge funds and other institutional investors have recently bought and sold shares of the business. Ecofi Investissements SA acquired a new position in Wolfspeed during the second quarter valued at approximately $1,251,000. Algert Global LLC grew its position in shares of Wolfspeed by 31.4% in the 2nd quarter. Algert Global LLC now owns 53,076 shares of the company’s stock valued at $1,208,000 after purchasing an additional 12,676 shares during the period. Dark Forest Capital Management LP bought a new stake in Wolfspeed during the 2nd quarter worth approximately $681,000. Point72 DIFC Ltd acquired a new stake in Wolfspeed during the 2nd quarter worth approximately $1,515,000. Finally, Marshall Wace LLP increased its position in shares of Wolfspeed by 56.5% during the second quarter. Marshall Wace LLP now owns 200,112 shares of the company’s stock worth $4,555,000 after acquiring an additional 72,212 shares in the last quarter.

Wolfspeed Price Performance

The company has a 50 day simple moving average of $19.58 and a 200-day simple moving average of $24.13. The stock has a market cap of $1.66 billion, a price-to-earnings ratio of -2.04 and a beta of 1.60. The company has a current ratio of 4.58, a quick ratio of 4.00 and a debt-to-equity ratio of 5.55.

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.