Wolfspeed’s (WOLF) Sell Rating Reiterated at Citigroup

Citigroup reissued their sell rating on shares of Wolfspeed (NYSE:WOLF) in a research report sent to investors on Friday morning, MarketBeat reports. They currently have a $3.00 price target on the stock, down from their prior price target of $7.00.

Several other analysts have also recently weighed in on the stock. Bank of America reduced their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a research note on Thursday, January 30th. Canaccord Genuity Group lowered their target price on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Piper Sandler reduced their target price on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. The Goldman Sachs Group cut their price objective on shares of Wolfspeed from $15.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Finally, Susquehanna decreased their price target on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 22nd. Five analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $11.15.

Wolfspeed Price Performance

WOLF stock opened at $3.27 on Friday. The company has a 50 day simple moving average of $3.87 and a 200 day simple moving average of $6.40. The stock has a market cap of $417.62 million, a price-to-earnings ratio of -0.43 and a beta of 1.62. Wolfspeed has a 1 year low of $2.06 and a 1 year high of $30.86. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47.

Insider Buying and Selling at Wolfspeed

In other news, CFO Neill Reynolds sold 13,909 shares of the stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $3.99, for a total transaction of $55,496.91. Following the sale, the chief financial officer now owns 195,257 shares in the company, valued at $779,075.43. This represents a 6.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors have recently made changes to their positions in the company. Jones Financial Companies Lllp raised its position in Wolfspeed by 1,240.6% in the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock worth $26,000 after acquiring an additional 3,548 shares during the period. R Squared Ltd purchased a new position in shares of Wolfspeed in the 4th quarter worth $28,000. N.E.W. Advisory Services LLC bought a new stake in shares of Wolfspeed in the 1st quarter worth about $28,000. Steward Partners Investment Advisory LLC lifted its holdings in Wolfspeed by 192.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock valued at $29,000 after buying an additional 2,912 shares in the last quarter. Finally, Beacon Capital Management LLC bought a new stake in Wolfspeed during the 1st quarter valued at about $31,000.

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.