Wolfspeed (NYSE:WOLF) Shares Down 9.3% – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF)’s stock price traded down 9.3% on Wednesday . The company traded as low as $6.40 and last traded at $6.41. 4,148,227 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 11,170,124 shares. The stock had previously closed at $7.07.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. reduced their price objective 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. Susquehanna lowered their price target on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a report on Monday. Piper Sandler restated an “overweight” rating and issued a $18.00 target price (down from $20.00) on shares of Wolfspeed in a report on Thursday, November 7th. Finally, Canaccord Genuity Group cut their price target on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $17.21.

Wolfspeed Stock Down 14.4 %

The stock has a market capitalization of $772.66 million, a price-to-earnings ratio of -1.02 and a beta of 1.43. The firm has a 50-day moving average of $8.76 and a 200 day moving average of $12.63. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82.

Insider Activity at Wolfspeed

In related news, Chairman Thomas H. Werner purchased 37,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were purchased at an average cost of $6.53 per share, with a total value of $244,875.00. Following the completion of the acquisition, the chairman now directly 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Glenda Dorchak acquired 3,592 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were bought at an average cost of $8.33 per share, with a total value of $29,921.36. Following the completion of the acquisition, the director now owns 18,688 shares in the company, valued at $155,671.04. This represents a 23.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders bought 78,067 shares of company stock valued at $524,747. Corporate 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 company. GAMMA Investing LLC increased its holdings in shares of Wolfspeed by 66.6% in the 4th quarter. GAMMA Investing LLC now owns 7,569 shares of the company’s stock valued at $50,000 after acquiring an additional 3,025 shares during the last quarter. Principal Financial Group Inc. increased its stake in Wolfspeed by 41.4% during the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after purchasing an additional 173,409 shares during the last quarter. Virtu Financial LLC raised its holdings in shares of Wolfspeed by 160.8% during the third quarter. Virtu Financial LLC now owns 58,560 shares of the company’s stock worth $568,000 after purchasing an additional 36,105 shares during the period. Aequim Alternative Investments LP lifted its position in shares of Wolfspeed by 20.2% in the 3rd quarter. Aequim Alternative Investments LP now owns 196,836 shares of the company’s stock worth $1,909,000 after buying an additional 33,036 shares during the last quarter. Finally, M&T Bank Corp boosted its holdings in shares of Wolfspeed by 120.5% in the 3rd quarter. M&T Bank Corp now owns 64,222 shares of the company’s stock valued at $623,000 after buying an additional 35,101 shares during the period.

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.