Wolfspeed (NYSE:WOLF) Upgraded to “Sell” at StockNews.com

Wolfspeed (NYSE:WOLF) was upgraded by analysts at StockNews.com to a “sell” rating in a report released on Monday.

Several other equities analysts also recently commented on the stock. Morgan Stanley increased their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group dropped their price target on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. 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. Roth Mkm lowered their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Finally, Canaccord Genuity Group cut their price target on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Stock Down 3.5 %

Shares of NYSE WOLF opened at $7.09 on Monday. The company has a market cap of $905.49 million, a price-to-earnings ratio of -1.19 and a beta of 1.43. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. Wolfspeed has a 12 month low of $6.10 and a 12 month high of $42.23. The stock has a 50-day moving average price of $8.76 and a two-hundred day moving average price of $12.63.

Insiders Place Their Bets

In other Wolfspeed news, Chairman Thomas H. Werner bought 37,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were bought at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the transaction, the chairman now directly owns 108,549 shares in the company, valued at approximately $708,824.97. This trade represents a 52.78 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Glenda Dorchak bought 3,592 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were acquired at an average cost of $8.33 per share, with a total value of $29,921.36. Following the purchase, the director now directly owns 18,688 shares of the company’s stock, valued at $155,671.04. This trade represents a 23.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders 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

Institutional investors and hedge funds have recently modified their holdings of the business. Iridian Asset Management LLC CT grew its stake in shares of Wolfspeed by 319.9% in the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after buying an additional 397,057 shares during the period. Public Sector Pension Investment Board bought a new position in Wolfspeed in the third quarter worth approximately $2,590,000. Primecap Management Co. CA grew its stake in Wolfspeed by 5.0% in the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock valued at $61,587,000 after acquiring an additional 303,870 shares during the period. Principal Financial Group Inc. increased its holdings in shares of 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 acquiring an additional 173,409 shares in the last quarter. Finally, Rheos Capital Works Inc. raised its position in shares of Wolfspeed by 140.8% during the third quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock worth $4,147,000 after purchasing an additional 250,000 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.