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

Wolfspeed (NYSE:WOLF) was upgraded by equities research analysts at StockNews.com to a “sell” rating in a research report issued to clients and investors on Monday.

WOLF has been the topic of a number of other research reports. The Goldman Sachs Group cut their price target on Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Mizuho cut their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 19th. Morgan Stanley boosted their target price on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. 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 report on Thursday, November 7th. Finally, Roth Mkm reduced their price objective on shares of Wolfspeed from $25.00 to $20.00 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 assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Trading Up 8.1 %

Shares of NYSE WOLF opened at $7.17 on Monday. Wolfspeed has a fifty-two week low of $6.10 and a fifty-two week high of $42.23. The firm has a market capitalization of $915.70 million, a P/E ratio of -1.21 and a beta of 1.38. 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 company’s 50 day simple moving average is $9.09 and its 200 day simple moving average is $12.86.

Insider Buying and Selling

In other news, Director Glenda Dorchak purchased 3,592 shares of Wolfspeed stock in a transaction on Friday, November 22nd. The stock was purchased at an average price of $8.33 per share, with a total value of $29,921.36. Following the transaction, the director now directly owns 18,688 shares in the company, valued at $155,671.04. The trade was a 23.79 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Thomas H. Werner purchased 37,500 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were acquired at an average cost of $6.53 per share, with a total value of $244,875.00. Following the completion of the purchase, the chairman now directly owns 108,549 shares in the company, valued at approximately $708,824.97. This represents a 52.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 78,067 shares of company stock worth $524,747 over the last ninety days. Company insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Eastern Bank bought a new stake in shares of Wolfspeed during the 3rd quarter worth approximately $27,000. GAMMA Investing LLC increased 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 buying an additional 3,664 shares during the last quarter. Asset Management One Co. Ltd. raised its position in Wolfspeed by 69.0% during 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. Ground Swell Capital LLC acquired a new stake in Wolfspeed in the third quarter valued at $99,000. Finally, US Bancorp DE grew its position in shares of Wolfspeed by 225.9% in the 3rd quarter. US Bancorp DE now owns 11,343 shares of the company’s stock valued at $110,000 after acquiring an additional 7,863 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.