Wolfspeed (NYSE:WOLF) Raised to Sell at StockNews.com

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

WOLF has been the topic of several other reports. Mizuho dropped their price target on 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 increased their target price on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Canaccord Genuity Group reduced their price target on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, November 7th. The Goldman Sachs Group dropped their price objective 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. Finally, Roth Mkm reduced their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Stock Performance

WOLF stock opened at $6.63 on Tuesday. Wolfspeed has a 1-year low of $6.10 and a 1-year high of $42.41. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. The stock has a 50-day moving average price of $9.24 and a 200-day moving average price of $13.18. The firm has a market cap of $846.74 million, a PE ratio of -1.11 and a beta of 1.38.

Insider Buying and Selling

In other news, Chairman Thomas H. Werner purchased 37,500 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was bought at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the purchase, the chairman now owns 108,549 shares of the company’s stock, valued at $708,824.97. The trade was a 52.78 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Darren R. Jackson acquired 36,975 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the purchase, 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 disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 78,067 shares of company stock worth $524,747. 0.84% of the stock is owned by corporate insiders.

Institutional Trading of Wolfspeed

Several hedge funds and other institutional investors have recently modified their holdings of WOLF. Iridian Asset Management LLC CT lifted its stake in Wolfspeed by 319.9% in the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after purchasing an additional 397,057 shares in the last quarter. Public Sector Pension Investment Board bought a new position in shares of Wolfspeed in the third quarter worth $2,590,000. Primecap Management Co. CA raised its position in shares of Wolfspeed by 5.0% in the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after buying an additional 303,870 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Wolfspeed by 41.4% during the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after buying an additional 173,409 shares during the period. Finally, Rheos Capital Works Inc. grew its position in Wolfspeed by 140.8% during the third quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock worth $4,147,000 after buying an additional 250,000 shares in 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.