Wolfspeed (NYSE:WOLF) Sets New 12-Month Low – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF) shares reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $5.89 and last traded at $5.92, with a volume of 28700733 shares traded. The stock had previously closed at $7.07.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Roth Mkm reduced their price target on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company 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 note on Thursday, November 7th. JPMorgan Chase & Co. lowered their price objective on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Susquehanna reduced their price target on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Finally, Canaccord Genuity Group dropped their price objective on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Three equities research 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’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $17.21.

Wolfspeed Stock Down 13.7 %

The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. The stock has a market cap of $650.06 million, a P/E ratio of -0.86 and a beta of 1.43. The firm has a 50-day simple moving average of $8.43 and a two-hundred day simple moving average of $12.54.

Insider Buying and Selling

In related news, Director Glenda Dorchak acquired 3,592 shares of the stock in a transaction 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 purchase, 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 purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Darren R. Jackson acquired 36,975 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was bought at an average cost of $6.76 per share, with a total value of $249,951.00. Following the completion of the acquisition, the director now directly owns 85,996 shares in the company, valued at approximately $581,332.96. This represents a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 78,067 shares of company stock valued at $524,747. 0.84% of the stock is owned by company insiders.

Institutional Investors Weigh In On Wolfspeed

A number of large investors have recently bought and sold shares of WOLF. Eastern Bank bought a new stake in shares of Wolfspeed during the 3rd quarter worth approximately $27,000. GAMMA Investing LLC raised its position in Wolfspeed by 416.4% during the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after purchasing an additional 3,664 shares in the last quarter. Asset Management One Co. Ltd. lifted its stake 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 purchasing an additional 2,885 shares during the last quarter. Quest Partners LLC boosted its holdings in shares of Wolfspeed by 264.9% in the 2nd quarter. Quest Partners LLC now owns 9,127 shares of the company’s stock valued at $208,000 after purchasing an additional 6,626 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in shares of Wolfspeed in the 2nd quarter valued at $220,000.

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.