StockNews.com Upgrades Wolfspeed (NYSE:WOLF) to Sell

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

A number of other research firms also recently weighed in on WOLF. Mizuho decreased their price target on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 19th. Morgan Stanley lifted 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. Piper Sandler reissued an “overweight” rating and issued a $18.00 price target (down previously from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. Susquehanna decreased their price objective on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Finally, Canaccord Genuity Group dropped their target price on Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $17.21.

Wolfspeed Trading Down 16.3 %

Wolfspeed stock opened at $5.92 on Monday. Wolfspeed has a 12 month low of $5.89 and a 12 month high of $41.89. The stock has a market cap of $756.06 million, a price-to-earnings ratio of -0.99 and a beta of 1.43. The business has a 50 day moving average price of $8.58 and a two-hundred day moving average price of $12.58. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82.

Insider Activity

In related news, Director Darren R. Jackson purchased 36,975 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were acquired at an average cost of $6.76 per share, with a total value of $249,951.00. Following the completion of 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Thomas H. Werner acquired 37,500 shares of the company’s stock in a transaction that occurred on 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 transaction, 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 ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 78,067 shares of company stock worth $524,747. 0.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds have recently added to or reduced their stakes in WOLF. Arizona State Retirement System grew its position in shares of Wolfspeed by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock worth $802,000 after buying an additional 775 shares during the period. Vontobel Holding Ltd. grew its holdings in Wolfspeed by 5.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company’s stock worth $364,000 after acquiring an additional 1,835 shares during the period. New York State Teachers Retirement System raised its position in shares of 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 acquiring an additional 1,885 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of Wolfspeed by 9.3% in the 2nd quarter. ProShare Advisors LLC now owns 23,395 shares of the company’s stock valued at $532,000 after purchasing an additional 1,993 shares during the period. Finally, Ensign Peak Advisors Inc boosted its position in shares of Wolfspeed by 5.9% in the 2nd quarter. Ensign Peak Advisors Inc now owns 42,501 shares of the company’s stock worth $967,000 after purchasing an additional 2,350 shares during 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.