Wolfspeed (NYSE:WOLF) Trading Down 4.7% – What’s Next?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price dropped 4.7% on Monday . The stock traded as low as $7.80 and last traded at $7.86. Approximately 3,487,057 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 7,350,731 shares. The stock had previously closed at $8.25.

Wall Street Analysts Forecast Growth

WOLF has been the topic of several analyst reports. Bank of America dropped their price target on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research note on Friday, August 23rd. Roth Mkm cut their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Canaccord Genuity Group decreased 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. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. Finally, Morgan Stanley raised their target price 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. Two equities 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $17.21.

Wolfspeed Trading Down 7.4 %

The firm has a market capitalization of $928.47 million, a price-to-earnings ratio of -1.22 and a beta of 1.38. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. The firm’s 50 day moving average is $10.76 and its 200 day moving average is $14.68.

Insider Activity

In other Wolfspeed news, Director Glenda Dorchak purchased 3,592 shares of the stock in a transaction dated Friday, November 22nd. The shares were acquired at an average price of $8.33 per share, for a total transaction of $29,921.36. Following the completion of the acquisition, the director now owns 18,688 shares of the company’s stock, valued at $155,671.04. This represents a 23.79 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Thomas H. Werner purchased 37,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were bought at an average price of $6.53 per share, with a total value of $244,875.00. Following the completion of the acquisition, the chairman now owns 108,549 shares of the company’s stock, valued at $708,824.97. This trade represents a 52.78 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 78,067 shares of company stock worth $524,747. Insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

Several institutional investors have recently made changes to their positions in WOLF. Signaturefd LLC raised its holdings in shares of Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after purchasing an additional 1,544 shares in the last quarter. Eastern Bank acquired a new stake in shares of Wolfspeed in the third quarter worth about $27,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Wolfspeed in the second quarter worth about $75,000. GAMMA Investing LLC boosted its stake in shares of Wolfspeed by 416.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock worth $44,000 after acquiring an additional 3,664 shares in the last quarter. Finally, Asset Management One Co. Ltd. increased its holdings in shares of Wolfspeed by 69.0% during the 3rd quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock valued at $69,000 after acquiring an additional 2,885 shares during the last quarter.

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.