Wolfspeed (NYSE:WOLF) Trading Down 4.7% – Here’s What Happened

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

Analysts Set New Price Targets

WOLF has been the topic of several analyst reports. Canaccord Genuity Group lowered their target price on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. JPMorgan Chase & Co. cut their price objective on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Mizuho dropped their price target on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 19th. Roth Mkm reduced their price objective 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. Finally, Susquehanna lowered their price objective on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $17.21.

Wolfspeed Trading Down 7.4 %

The business’s 50-day simple moving average is $10.76 and its 200-day simple moving average is $14.68. The company has a market cap of $928.47 million, a price-to-earnings ratio of -1.22 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.

Insider Activity at Wolfspeed

In other news, 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 price 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 in the company, valued at $155,671.04. The trade was a 23.79 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Thomas H. Werner bought 37,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average price 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 of the company’s stock, valued at approximately $708,824.97. The trade was a 52.78 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 78,067 shares of company stock valued at $524,747. 0.84% of the stock is owned by corporate insiders.

Institutional Trading of Wolfspeed

A number of hedge funds have recently made changes to their positions in the company. Arizona State Retirement System boosted its stake in Wolfspeed by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock valued at $802,000 after acquiring an additional 775 shares during the last quarter. Signaturefd LLC lifted its holdings in shares of Wolfspeed by 284.3% in the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after purchasing an additional 1,544 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in Wolfspeed by 6.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 29,470 shares of the company’s stock valued at $671,000 after purchasing an additional 1,722 shares during the period. Vontobel Holding Ltd. grew its stake in Wolfspeed by 5.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company’s stock worth $364,000 after buying an additional 1,835 shares during the last quarter. Finally, New York State Teachers Retirement System increased its position in Wolfspeed by 1.3% in the third quarter. New York State Teachers Retirement System now owns 145,284 shares of the company’s stock worth $1,409,000 after buying an additional 1,885 shares during the period.

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.