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

StockNews.com upgraded shares of Wolfspeed (NYSE:WOLF) to a sell rating in a research report released on Monday morning.

Other research analysts also recently issued reports about the company. Morgan Stanley upped their price objective on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. dropped their price objective on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Susquehanna cut their price objective on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. The Goldman Sachs Group decreased their target price on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, Roth Mkm cut 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. Three analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Stock Performance

Shares of NYSE WOLF opened at $7.36 on Monday. 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 price is $8.93 and its two-hundred day moving average price is $12.74. Wolfspeed has a 52-week low of $6.10 and a 52-week high of $42.23. The stock has a market capitalization of $939.97 million, a P/E ratio of -1.24 and a beta of 1.43.

Insider Activity

In related news, Director Darren R. Jackson acquired 36,975 shares of Wolfspeed stock in a transaction dated Wednesday, November 20th. The stock was acquired at an average cost of $6.76 per share, with a total value of $249,951.00. Following the purchase, the director now directly owns 85,996 shares in the company, valued at $581,332.96. The trade was a 75.43 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 stock was bought 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 directly owns 18,688 shares in the company, valued at approximately $155,671.04. The trade was a 23.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 78,067 shares of company stock worth $524,747 over the last 90 days. 0.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Wolfspeed

Institutional investors have recently bought and sold shares of the stock. Primecap Management Co. CA grew its position in Wolfspeed by 5.0% during the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after purchasing an additional 303,870 shares in the last quarter. Two Sigma Advisers LP boosted its position in shares of Wolfspeed by 813.6% in the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after buying an additional 2,189,500 shares during the period. Samlyn Capital LLC grew its holdings in shares of Wolfspeed by 51.6% during the second quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after buying an additional 343,277 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Wolfspeed by 2.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock valued at $8,451,000 after buying an additional 21,143 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Wolfspeed by 1,158.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock worth $8,082,000 after acquiring an additional 766,971 shares in the last quarter.

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.