Wolfspeed (NYSE:WOLF) Stock Rating Upgraded by StockNews.com

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

WOLF has been the subject of several other research reports. Roth Mkm dropped their price target on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Piper Sandler restated an “overweight” rating and set a $18.00 price objective (down from $20.00) on shares of Wolfspeed in a report on Thursday, November 7th. JPMorgan Chase & Co. reduced their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Canaccord Genuity Group dropped their price target on Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Finally, Mizuho cut their price objective on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a report on Tuesday, November 19th. Three equities 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. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Price Performance

Wolfspeed stock opened at $6.66 on Tuesday. The firm’s 50-day moving average is $9.41 and its two-hundred day moving average is $13.23. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. The stock has a market capitalization of $850.57 million, a P/E ratio of -1.12 and a beta of 1.38. Wolfspeed has a 12-month low of $6.10 and a 12-month high of $44.77.

Insider Activity at Wolfspeed

In other news, Chairman Thomas H. Werner bought 37,500 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was purchased at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the transaction, the chairman now 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 filing with the SEC, which is accessible through this link. Also, Director Glenda Dorchak purchased 3,592 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was purchased at an average price of $8.33 per share, for a total transaction 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 position. The disclosure for this purchase can be found here. Insiders acquired a total of 78,067 shares of company stock valued at $524,747 in the last quarter. Insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently modified their holdings of WOLF. Eastern Bank bought a new position in Wolfspeed during the 3rd quarter valued at $27,000. GAMMA Investing LLC grew its holdings in Wolfspeed by 416.4% during the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock worth $44,000 after acquiring an additional 3,664 shares during the period. Signaturefd LLC grew its holdings in Wolfspeed by 284.3% during the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after acquiring an additional 1,544 shares during the period. Asset Management One Co. Ltd. raised its position in Wolfspeed by 69.0% in the third quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock worth $69,000 after acquiring an additional 2,885 shares in the last quarter. Finally, Ground Swell Capital LLC acquired a new stake in Wolfspeed in the 3rd quarter valued at about $99,000.

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.