Wolfspeed (NYSE:WOLF) Upgraded at StockNews.com

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

Several other research analysts also recently weighed in on the stock. Morgan Stanley lifted their target price on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Piper Sandler reissued an “overweight” rating and set a $18.00 target price (down from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. Canaccord Genuity Group reduced their target price on Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Roth Mkm lowered their price target on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. reduced their price objective on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $17.21.

Wolfspeed Trading Down 1.3 %

Shares of NYSE WOLF opened at $6.66 on Tuesday. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. Wolfspeed has a 12 month low of $6.10 and a 12 month high of $44.77. The company has a market cap of $850.57 million, a price-to-earnings ratio of -1.12 and a beta of 1.38. The business has a fifty day simple moving average of $9.41 and a 200-day simple moving average of $13.23.

Insiders Place Their Bets

In related news, Chairman Thomas H. Werner purchased 37,500 shares of Wolfspeed stock in a transaction on Wednesday, November 20th. The stock was purchased at an average cost of $6.53 per share, with a total value of $244,875.00. Following the acquisition, 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 acquisition was disclosed in a filing with the SEC, which is accessible through this link. 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 purchased at an average cost of $8.33 per share, for a total transaction of $29,921.36. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 78,067 shares of company stock valued at $524,747 over the last ninety days. Corporate insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

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

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.