Wolfspeed (NYSE:WOLF) Upgraded at StockNews.com

StockNews.com upgraded shares of Wolfspeed (NYSE:WOLF) to a sell rating in a report published on Tuesday morning.

A number of other research analysts also recently weighed in on the company. Piper Sandler restated an “overweight” rating and issued a $18.00 price target (down from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. JPMorgan Chase & Co. decreased their target price on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Canaccord Genuity Group dropped their price target on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Morgan Stanley lifted their price objective 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. Finally, The Goldman Sachs Group dropped their target price on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Three research 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, Wolfspeed currently has a consensus rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Price Performance

Shares of NYSE WOLF opened at $6.63 on Tuesday. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. The business has a 50-day moving average of $9.24 and a 200-day moving average of $13.18. The stock has a market capitalization of $846.74 million, a price-to-earnings ratio of -1.11 and a beta of 1.38. Wolfspeed has a fifty-two week low of $6.10 and a fifty-two week high of $42.41.

Insider Buying and Selling

In related news, Director Darren R. Jackson bought 36,975 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was purchased at an average price of $6.76 per share, with a total value of $249,951.00. Following the completion of the acquisition, the director now owns 85,996 shares of the company’s stock, valued at $581,332.96. The trade was a 75.43 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Thomas H. Werner purchased 37,500 shares of the firm’s stock in a transaction that occurred on 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 completion of the acquisition, the chairman now directly owns 108,549 shares in the company, valued at $708,824.97. The trade was a 52.78 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 78,067 shares of company stock worth $524,747. Corporate insiders own 0.84% of the company’s stock.

Institutional Trading of Wolfspeed

Hedge funds have recently made changes to their positions in the company. Signaturefd LLC increased its holdings in Wolfspeed by 284.3% in the second 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. Eastern Bank acquired a new stake in shares of Wolfspeed in the third quarter valued at about $27,000. GAMMA Investing LLC raised its position in shares of Wolfspeed by 416.4% during the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock worth $44,000 after acquiring an additional 3,664 shares during the last quarter. Asset Management One Co. Ltd. lifted its stake in shares of Wolfspeed by 69.0% in 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 period. Finally, Quest Partners LLC boosted its holdings in Wolfspeed by 264.9% in the second quarter. Quest Partners LLC now owns 9,127 shares of the company’s stock valued at $208,000 after acquiring an additional 6,626 shares during the last quarter.

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.