Wolfspeed, Inc. (NYSE:WOLF) Receives Consensus Rating of “Hold” from Brokerages

Wolfspeed, Inc. (NYSE:WOLF) has been assigned a consensus rating of “Hold” from the sixteen brokerages that are presently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, ten have assigned a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $17.21.

A number of research firms have issued reports on WOLF. TD Cowen cut their price target on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, August 22nd. Canaccord Genuity Group cut their target price on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. The Goldman Sachs Group cut their target price on Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Susquehanna cut 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. Finally, Roth Mkm cut their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, November 7th.

Insider Activity

In other Wolfspeed news, Director Darren R. Jackson bought 36,975 shares of the firm’s 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 transaction, the director now directly owns 85,996 shares in the company, valued at $581,332.96. This trade represents a 75.43 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Glenda Dorchak bought 3,592 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were acquired at an average cost of $8.33 per share, with a total value of $29,921.36. Following the completion of the transaction, the director now owns 18,688 shares in the company, valued at approximately $155,671.04. The trade was a 23.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 78,067 shares of company stock valued at $524,747 in the last ninety days. 0.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Wolfspeed

Several large investors have recently added to or reduced their stakes in the company. Arizona State Retirement System increased its holdings in Wolfspeed by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock worth $802,000 after acquiring an additional 775 shares during the last quarter. Signaturefd LLC increased its holdings in Wolfspeed by 284.3% in the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after acquiring an additional 1,544 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Wolfspeed by 6.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 29,470 shares of the company’s stock worth $671,000 after acquiring an additional 1,722 shares during the last quarter. Vontobel Holding Ltd. increased its holdings in Wolfspeed by 5.1% in 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 last quarter. Finally, New York State Teachers Retirement System increased its holdings in Wolfspeed by 1.3% in the 3rd quarter. New York State Teachers Retirement System now owns 145,284 shares of the company’s stock worth $1,409,000 after acquiring an additional 1,885 shares during the last quarter.

Wolfspeed Price Performance

Wolfspeed stock opened at $7.85 on Friday. The stock has a market capitalization of $1.00 billion, a price-to-earnings 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 stock’s 50 day moving average price is $10.84 and its two-hundred day moving average price is $14.86. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14.

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.