Wolfspeed (NYSE:WOLF) Sets New 1-Year Low at $7.98

Wolfspeed, Inc. (NYSE:WOLF)’s stock price reached a new 52-week low on Monday . The stock traded as low as $7.98 and last traded at $8.09, with a volume of 1042741 shares trading hands. The stock had previously closed at $8.23.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on WOLF shares. Piper Sandler cut their target price on shares of Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, August 22nd. Susquehanna cut their target price on shares of Wolfspeed from $23.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday, August 22nd. Canaccord Genuity Group cut their target price on shares of Wolfspeed from $45.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Oppenheimer reissued a “market perform” rating on shares of Wolfspeed in a report on Tuesday, July 9th. Finally, Bank of America cut their price target on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $24.53.

Wolfspeed Stock Down 0.2 %

The stock’s 50-day moving average price is $16.80 and its 200 day moving average price is $22.90. The company has a debt-to-equity ratio of 6.99, a current ratio of 4.51 and a quick ratio of 3.85.

Institutional Investors Weigh In On Wolfspeed

A number of hedge funds have recently modified their holdings of WOLF. Victory Capital Management Inc. grew its holdings in shares of Wolfspeed by 17.7% in the fourth quarter. Victory Capital Management Inc. now owns 26,973 shares of the company’s stock valued at $1,174,000 after purchasing an additional 4,052 shares during the period. M&T Bank Corp purchased a new position in Wolfspeed during the fourth quarter worth about $761,000. Charles Schwab Investment Management Inc. boosted its stake in Wolfspeed by 4.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 809,600 shares of the company’s stock worth $35,226,000 after buying an additional 34,865 shares during the period. Dimensional Fund Advisors LP boosted its stake in Wolfspeed by 13.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 665,817 shares of the company’s stock worth $28,976,000 after buying an additional 78,071 shares during the period. Finally, Avantax Advisory Services Inc. purchased a new position in Wolfspeed during the fourth quarter worth about $201,000.

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.