Wolfspeed (NYSE:WOLF) Stock Price Down 6.4% – What’s Next?

Wolfspeed, Inc. (NYSE:WOLF)’s share price was down 6.4% during trading on Wednesday . The company traded as low as $9.80 and last traded at $9.83. Approximately 2,555,993 shares traded hands 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.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on WOLF. Canaccord Genuity Group dropped their price target on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Bank of America cut their price target on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research note on Friday, August 23rd. Piper Sandler reissued an “overweight” rating and set a $18.00 price objective (down previously from $20.00) on shares of Wolfspeed in a report on Thursday, November 7th. New Street Research cut Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a report on Wednesday, August 7th. Finally, Morgan Stanley raised their price target on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Two investment 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. According to data from MarketBeat, Wolfspeed has a consensus rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Price Performance

The company has a market cap of $1.29 billion, a PE ratio of -1.65 and a beta of 1.38. 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 stock has a 50 day moving average of $10.89 and a 200-day moving average of $15.96.

Insiders Place Their Bets

In other news, Chairman Thomas H. Werner bought 37,500 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were bought at an average price of $6.53 per share, with a total value of $244,875.00. Following the completion of the transaction, the chairman now directly owns 108,549 shares in the company, valued at $708,824.97. This trade represents a 52.78 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Darren R. Jackson purchased 36,975 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was acquired at an average price of $6.76 per share, with a total value of $249,951.00. Following the purchase, the director now owns 85,996 shares of the company’s stock, valued at approximately $581,332.96. This represents a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 78,067 shares of company stock valued at $524,747. Company insiders own 0.84% of the company’s stock.

Institutional Trading of Wolfspeed

Institutional investors and hedge funds have recently bought and sold shares of the business. Two Sigma Advisers LP increased its stake in Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after buying an additional 2,189,500 shares during the period. Primecap Management Co. CA lifted its holdings in Wolfspeed by 15.3% in the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after purchasing an additional 800,540 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Wolfspeed by 1,158.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock valued at $8,082,000 after purchasing an additional 766,971 shares in the last quarter. Erste Asset Management GmbH purchased a new position in shares of Wolfspeed during the 3rd quarter worth about $4,542,000. Finally, Iridian Asset Management LLC CT lifted its holdings in shares of Wolfspeed by 319.9% during the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after acquiring an additional 397,057 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.