Wolfspeed (NYSE:WOLF) Upgraded at StockNews.com

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

A number of other research analysts have also commented on WOLF. Piper Sandler reissued an “overweight” rating and set a $18.00 price target (down from $20.00) on shares of Wolfspeed in a report on Thursday, November 7th. JPMorgan Chase & Co. lowered their target price 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. Roth Mkm reduced their price target on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Mizuho lowered their price objective 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. Finally, Morgan Stanley boosted their target price on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Three investment 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, the stock currently has an average rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Stock Performance

Shares of WOLF stock opened at $5.92 on Monday. Wolfspeed has a 12-month low of $5.89 and a 12-month high of $41.89. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. The firm has a market capitalization of $756.06 million, a price-to-earnings ratio of -0.99 and a beta of 1.43. The business has a 50 day simple moving average of $8.58 and a 200 day simple moving average of $12.58.

Insiders Place Their Bets

In other Wolfspeed news, Chairman Thomas H. Werner purchased 37,500 shares of the stock in a transaction dated Wednesday, November 20th. The shares were acquired at an average price of $6.53 per share, for a total transaction 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 represents a 52.78 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Darren R. Jackson acquired 36,975 shares of Wolfspeed stock in a transaction that occurred on 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 completion of the purchase, the director now owns 85,996 shares in the company, valued at approximately $581,332.96. This represents a 75.43 % increase in their position. 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 ninety days. 0.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WOLF. Arizona State Retirement System increased its holdings in shares of 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. Quest Partners LLC raised its position in shares of Wolfspeed by 264.9% in the second 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 during the period. Texas Permanent School Fund Corp lifted its stake in shares of Wolfspeed by 23.0% in the second quarter. Texas Permanent School Fund Corp now owns 135,262 shares of the company’s stock worth $3,079,000 after buying an additional 25,296 shares during the last quarter. Global X Japan Co. Ltd. boosted its holdings in shares of Wolfspeed by 51.6% during the 2nd quarter. Global X Japan Co. Ltd. now owns 14,523 shares of the company’s stock worth $331,000 after buying an additional 4,941 shares during the period. Finally, DekaBank Deutsche Girozentrale acquired a new position in Wolfspeed in the 2nd quarter valued at $2,147,000.

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.