Wolfspeed (NYSE:WOLF) Trading Down 6.4% – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF) shares dropped 6.4% during mid-day trading on Wednesday . The company traded as low as $9.80 and last traded at $9.83. Approximately 2,555,993 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 7,247,702 shares. The stock had previously closed at $10.50.

Analyst Upgrades and Downgrades

A number of research firms have commented on WOLF. Mizuho dropped their price target on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 19th. Susquehanna dropped their target price on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Roth Mkm decreased their target price on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. The Goldman Sachs Group dropped their price target on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Finally, TD Cowen dropped their target price on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Wolfspeed has an average rating of “Hold” and an average target price of $17.21.

Wolfspeed Stock Down 7.4 %

The firm has a 50 day simple moving average of $10.94 and a 200-day simple moving average of $15.88. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. The stock has a market cap of $1.19 billion, a P/E ratio of -1.56 and a beta of 1.38.

Insider Buying and Selling

In other Wolfspeed news, Chairman Thomas H. Werner bought 37,500 shares of the stock in a transaction on Wednesday, November 20th. The shares were acquired at an average price of $6.53 per share, with a total value of $244,875.00. Following the acquisition, the chairman now directly owns 108,549 shares of the company’s stock, valued at $708,824.97. The trade was a 52.78 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Glenda Dorchak bought 3,592 shares of the stock in a transaction on Friday, November 22nd. The stock was purchased at an average price of $8.33 per share, for a total transaction of $29,921.36. Following the completion of the purchase, the director now directly owns 18,688 shares in the company, valued at approximately $155,671.04. This represents a 23.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 78,067 shares of company stock valued at $524,747 over the last quarter. Insiders own 0.84% of the company’s stock.

Institutional Trading of Wolfspeed

Several large investors have recently modified their holdings of WOLF. Mather Group LLC. grew its holdings in shares of Wolfspeed by 385.5% during the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after acquiring an additional 933 shares during the period. Signaturefd LLC grew its stake in Wolfspeed by 284.3% in the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after purchasing an additional 1,544 shares during the period. Eastern Bank bought a new position in shares of Wolfspeed in the 3rd quarter worth about $27,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Wolfspeed during the 2nd quarter valued at about $75,000. Finally, GAMMA Investing LLC grew its holdings in Wolfspeed by 416.4% in the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock worth $44,000 after purchasing an additional 3,664 shares during the period.

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.