Wolfspeed (NYSE:WOLF) Shares Down 6.1% – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF) shares fell 6.1% during trading on Tuesday . The company traded as low as $9.03 and last traded at $9.33. 2,191,267 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 7,132,892 shares. The stock had previously closed at $9.94.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Bank of America cut their price objective on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a report on Friday, August 23rd. Roth Mkm cut their price target on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. JPMorgan Chase & Co. reduced their target price on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Finally, TD Cowen dropped their price target on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Wolfspeed has a consensus rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Stock Performance

The company’s 50-day simple moving average is $10.74 and its 200 day simple moving average is $16.50. The stock has a market cap of $1.14 billion, a P/E ratio of -1.49 and a beta of 1.46. 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 Buying and Selling

In other news, Director Glenda Dorchak acquired 3,592 shares of Wolfspeed stock in a transaction on 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 owns 18,688 shares in the company, valued at approximately $155,671.04. This trade represents a 23.79 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Darren R. Jackson bought 36,975 shares of the stock in a transaction on Wednesday, November 20th. The stock was purchased at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the purchase, the director now owns 85,996 shares of the company’s stock, valued at approximately $581,332.96. This trade represents a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 78,067 shares of company stock worth $524,747. 0.84% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Primecap Management Co. CA lifted its stake in shares of Wolfspeed by 5.0% during the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock valued at $61,587,000 after buying an additional 303,870 shares in the last quarter. Two Sigma Advisers LP lifted its position in shares of Wolfspeed by 813.6% during the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after acquiring an additional 2,189,500 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Wolfspeed by 14.3% during the second quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock worth $26,796,000 after acquiring an additional 147,527 shares in the last quarter. Samlyn Capital LLC boosted its holdings in shares of Wolfspeed by 51.6% in the second quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock worth $22,968,000 after acquiring an additional 343,277 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Wolfspeed by 2.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock valued at $8,451,000 after purchasing an additional 21,143 shares in 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.