Wolfspeed (NYSE:WOLF) Sets New 1-Year Low – Time to Sell?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price reached a new 52-week low on Wednesday . The company traded as low as $4.66 and last traded at $4.77, with a volume of 20191372 shares. The stock had previously closed at $4.91.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. dropped their target price on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Piper Sandler reissued an “overweight” rating and set a $18.00 price objective (down from $20.00) on shares of Wolfspeed in a report on Thursday, November 7th. StockNews.com raised shares of Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Canaccord Genuity Group dropped their target price on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group reduced their price target on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research report 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’s stock. Based on data from MarketBeat.com, Wolfspeed currently has a consensus rating of “Hold” and an average target price of $17.21.

Wolfspeed Stock Down 2.9 %

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 company’s 50-day moving average is $8.11 and its 200 day moving average is $12.14.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, Director Glenda Dorchak bought 3,592 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was bought at an average cost of $8.33 per share, for a total transaction of $29,921.36. Following the completion of the transaction, the director now directly owns 18,688 shares of the company’s stock, valued at approximately $155,671.04. This trade represents a 23.79 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Thomas H. Werner purchased 37,500 shares of the stock in a transaction on Wednesday, November 20th. The stock was acquired at an average cost of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the acquisition, 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 position. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 78,067 shares of company stock worth $524,747. 0.84% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Wolfspeed

Several institutional investors and hedge funds have recently modified their holdings of the stock. Primecap Management Co. CA grew its holdings in Wolfspeed by 5.0% during the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after acquiring an additional 303,870 shares during the period. Two Sigma Advisers LP grew its stake in shares of Wolfspeed by 813.6% during the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after purchasing an additional 2,189,500 shares during the period. Samlyn Capital LLC grew its stake in shares of Wolfspeed by 51.6% during the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock worth $22,968,000 after purchasing an additional 343,277 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Wolfspeed by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock valued at $8,451,000 after purchasing an additional 21,143 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of 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 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.