Wolfspeed (NYSE:WOLF) Trading Down 6.1% – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF)’s stock price traded down 6.1% during trading on Tuesday . The stock traded as low as $9.03 and last traded at $9.33. 2,191,267 shares were traded during mid-day trading, a decline of 69% from the average session volume of 7,132,892 shares. The stock had previously closed at $9.94.

Wall Street Analyst Weigh In

WOLF has been the topic of several analyst reports. New Street Research lowered shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price on the stock. in a report on Wednesday, August 7th. JPMorgan Chase & Co. dropped their price objective on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. The Goldman Sachs Group decreased their target price on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Canaccord Genuity Group lowered their price target on Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Finally, Susquehanna cut their price objective on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $17.21.

Wolfspeed Stock Up 0.2 %

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 firm’s 50 day simple moving average is $10.74 and its 200-day simple moving average is $16.50. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -1.49 and a beta of 1.46.

Insider Activity at Wolfspeed

In related news, Director Darren R. Jackson bought 36,975 shares of Wolfspeed stock in a transaction that occurred 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 acquisition, 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Thomas H. Werner acquired 37,500 shares of Wolfspeed stock in a transaction dated Wednesday, November 20th. The shares were purchased at an average price of $6.53 per share, with a total value 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. This trade represents a 52.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 78,067 shares of company stock worth $524,747. Insiders own 0.84% of the company’s stock.

Institutional Trading of Wolfspeed

Large investors have recently modified their holdings of the stock. Mather Group LLC. lifted its stake in Wolfspeed by 385.5% during the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after purchasing an additional 933 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Wolfspeed by 64.8% in the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock valued at $52,000 after buying an additional 691 shares in the last quarter. Signaturefd LLC grew its position in Wolfspeed by 284.3% in the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after acquiring an additional 1,544 shares during the last quarter. Eastern Bank bought a new position in shares of Wolfspeed in the third quarter worth about $27,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Wolfspeed in the second quarter worth about $75,000.

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.