Wolfspeed, Inc. (NYSE:WOLF) Given Average Recommendation of “Hold” by Brokerages

Shares of Wolfspeed, Inc. (NYSE:WOLF) have been given an average recommendation of “Hold” by the sixteen research firms that are currently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $17.21.

A number of brokerages have recently issued reports on WOLF. Morgan Stanley boosted their target price on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. TD Cowen reduced their target price on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. Mizuho reduced their target price on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research report on Tuesday, November 19th. Canaccord Genuity Group reduced their target price on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, Bank of America cut their price objective on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research report on Friday, August 23rd.

Wolfspeed Trading Down 1.9 %

Shares of Wolfspeed stock opened at $7.85 on Friday. The firm has a 50-day moving average of $10.84 and a 200-day moving average of $14.86. The stock has a market cap of $1.00 billion, a PE ratio of -1.32 and a beta of 1.38. Wolfspeed has a 52-week low of $6.10 and a 52-week high of $47.43. 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 other news, Chairman Thomas H. Werner acquired 37,500 shares of the stock in a transaction dated Wednesday, November 20th. The stock was bought at an average price of $6.53 per share, with a total value of $244,875.00. Following the completion of the purchase, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Darren R. Jackson acquired 36,975 shares of the stock in a transaction dated Wednesday, November 20th. The stock was purchased at an average cost of $6.76 per share, with a total value of $249,951.00. Following the purchase, the director now directly owns 85,996 shares of the company’s stock, valued at $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 90 days, insiders acquired 78,067 shares of company stock valued at $524,747. 0.84% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Arizona State Retirement System increased its position in Wolfspeed by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock valued at $802,000 after purchasing an additional 775 shares during the period. Signaturefd LLC increased its position in Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after purchasing an additional 1,544 shares during the period. Nisa Investment Advisors LLC increased its position in Wolfspeed by 6.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 29,470 shares of the company’s stock valued at $671,000 after purchasing an additional 1,722 shares during the period. Vontobel Holding Ltd. increased its position in Wolfspeed by 5.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company’s stock valued at $364,000 after purchasing an additional 1,835 shares during the period. Finally, New York State Teachers Retirement System increased its position in Wolfspeed by 1.3% during the 3rd quarter. New York State Teachers Retirement System now owns 145,284 shares of the company’s stock valued at $1,409,000 after purchasing an additional 1,885 shares during the period.

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.