Wolfspeed, Inc. (NYSE:WOLF) Receives $17.21 Average PT from Analysts

Wolfspeed, Inc. (NYSE:WOLF) has earned a consensus recommendation of “Hold” from the sixteen ratings firms that are covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $17.21.

A number of research firms recently weighed in on WOLF. JPMorgan Chase & Co. decreased their price target on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Roth Mkm decreased their target price on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, November 7th. 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. The Goldman Sachs Group reduced their price target 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, Susquehanna cut their target price on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th.

Wolfspeed Stock Performance

WOLF opened at $5.09 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. The firm has a market cap of $650.06 million, a PE ratio of -0.86 and a beta of 1.43. The business has a fifty day simple moving average of $8.27 and a 200-day simple moving average of $12.34. Wolfspeed has a fifty-two week low of $5.05 and a fifty-two week high of $37.29.

Insiders Place Their Bets

In other Wolfspeed news, Chairman Thomas H. Werner purchased 37,500 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were bought at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the purchase, the chairman now directly owns 108,549 shares in the company, valued at $708,824.97. This trade represents a 52.78 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Glenda Dorchak purchased 3,592 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were acquired at an average price of $8.33 per share, for a total transaction of $29,921.36. Following the acquisition, the director now directly owns 18,688 shares in the company, valued at $155,671.04. This represents a 23.79 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 78,067 shares of company stock valued at $524,747 in the last three months. Insiders own 0.84% of the company’s stock.

Institutional Trading of Wolfspeed

Institutional investors and hedge funds have recently made changes to their positions in the stock. Eastern Bank bought a new position in shares of Wolfspeed in the 3rd quarter valued at approximately $27,000. GAMMA Investing LLC grew its holdings 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 during the last quarter. Asset Management One Co. Ltd. raised its position in shares of Wolfspeed by 69.0% in the third 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 during the period. Ground Swell Capital LLC acquired a new stake in shares of Wolfspeed in the third quarter worth $99,000. Finally, US Bancorp DE boosted its holdings in shares of Wolfspeed by 225.9% during the 3rd quarter. US Bancorp DE now owns 11,343 shares of the company’s stock worth $110,000 after buying an additional 7,863 shares during the period.

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.