Wolfspeed (NYSE:WOLF) Sets New 52-Week Low – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF) reached a new 52-week low on Thursday . The company traded as low as $6.22 and last traded at $6.24, with a volume of 2202711 shares trading hands. The stock had previously closed at $6.44.

Analyst Upgrades and Downgrades

WOLF has been the subject of a number of recent research reports. Bank of America reduced their price objective on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research note on Friday, August 23rd. Mizuho reduced their price objective on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday. Morgan Stanley lifted their price target on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Susquehanna cut their price target on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Finally, Piper Sandler restated an “overweight” rating and issued a $18.00 price target (down previously from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. 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. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $17.21.

Wolfspeed Trading Up 31.0 %

The company has a 50 day simple moving average of $10.71 and a 200 day simple moving average of $16.94. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. The company has a market capitalization of $1.08 billion, a PE ratio of -1.42 and a beta of 1.46.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The company had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. Analysts anticipate that Wolfspeed, Inc. will post -4.13 earnings per share for the current year.

Insider Transactions at Wolfspeed

In other Wolfspeed news, Director Darren R. Jackson acquired 36,975 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were purchased at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the acquisition, the director now owns 85,996 shares of the company’s stock, valued at approximately $581,332.96. The trade was a 75.43 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Thomas H. Werner acquired 37,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average price 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 of the company’s stock, valued at $708,824.97. The trade was a 52.78 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Wolfspeed by 3.6% in the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after acquiring an additional 449,732 shares during the last quarter. Primecap Management Co. CA lifted its holdings in Wolfspeed by 5.0% in the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock valued at $61,587,000 after acquiring an additional 303,870 shares during the last quarter. Two Sigma Advisers LP lifted its holdings in Wolfspeed by 813.6% in the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after acquiring an additional 2,189,500 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Wolfspeed by 14.3% in the second quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after acquiring an additional 147,527 shares during the last quarter. Finally, Samlyn Capital LLC raised its position in Wolfspeed by 51.6% in the second quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after purchasing an additional 343,277 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.