Wolfspeed (NYSE:WOLF) Hits New 1-Year Low – Should You Sell?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price reached a new 52-week low on Thursday . The company traded as low as $5.89 and last traded at $5.92, with a volume of 28700733 shares changing hands. The stock had previously closed at $7.07.

Analysts Set New Price Targets

WOLF has been the topic of several recent research reports. Morgan Stanley boosted their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. dropped their price target on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Roth Mkm reduced their price objective on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Susquehanna dropped their target price on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Finally, Mizuho cut their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday, November 19th. Three 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 company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Stock Down 16.3 %

The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. The firm’s 50-day moving average price is $8.58 and its 200 day moving average price is $12.58. The firm has a market capitalization of $756.06 million, a price-to-earnings ratio of -0.99 and a beta of 1.43.

Insider Transactions at Wolfspeed

In other Wolfspeed news, Chairman Thomas H. Werner purchased 37,500 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was bought at an average cost of $6.53 per share, for a total transaction of $244,875.00. Following the acquisition, the chairman now owns 108,549 shares of the company’s stock, valued at approximately $708,824.97. The trade was a 52.78 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Glenda Dorchak acquired 3,592 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were acquired at an average price of $8.33 per share, for a total transaction of $29,921.36. Following the acquisition, the director now directly owns 18,688 shares of the company’s stock, 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 purchased a total of 78,067 shares of company stock valued at $524,747 over the last three months. 0.84% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Wolfspeed

Several institutional investors have recently added to or reduced their stakes in WOLF. Eastern Bank acquired a new position in shares of Wolfspeed during the 3rd quarter valued at about $27,000. 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 valued at $44,000 after purchasing an additional 3,664 shares during the period. Asset Management One Co. Ltd. increased its position in Wolfspeed by 69.0% during the third quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock worth $69,000 after purchasing an additional 2,885 shares during the last quarter. Ground Swell Capital LLC purchased a new position in Wolfspeed during the third quarter worth approximately $99,000. Finally, US Bancorp DE boosted its holdings in shares of Wolfspeed by 225.9% in the 3rd quarter. US Bancorp DE now owns 11,343 shares of the company’s stock valued at $110,000 after purchasing an additional 7,863 shares during 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.