Wolfspeed, Inc. (NYSE:WOLF) Receives Average Recommendation of “Hold” from Brokerages

Shares of Wolfspeed, Inc. (NYSE:WOLF) have been given a consensus recommendation of “Hold” by the sixteen research firms that are presently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $17.21.

Several analysts have weighed in on the stock. Piper Sandler reissued an “overweight” rating and issued a $18.00 price target (down from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. JPMorgan Chase & Co. dropped their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Bank of America reduced their price target on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research report on Friday, August 23rd. Morgan Stanley boosted their price objective on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Finally, Roth Mkm dropped their price target 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.

Wolfspeed Trading Down 2.7 %

Shares of WOLF stock opened at $8.07 on Friday. The business has a 50-day moving average price of $10.90 and a two-hundred day moving average price of $15.27. Wolfspeed has a 12-month low of $6.10 and a 12-month high of $47.43. 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 $1.03 billion, a P/E ratio of -1.36 and a beta of 1.38.

Insiders Place Their Bets

In other Wolfspeed news, Director Glenda Dorchak acquired 3,592 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $155,671.04. This trade represents a 23.79 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Darren R. Jackson bought 36,975 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were acquired at an average price of $6.76 per share, with a total value of $249,951.00. Following the completion of the transaction, the director now directly owns 85,996 shares of the company’s stock, valued at $581,332.96. This trade represents a 75.43 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 78,067 shares of company stock valued at $524,747. Company insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently modified their holdings of WOLF. Eastern Bank bought a new position in shares of Wolfspeed in the third quarter worth about $27,000. GAMMA Investing LLC raised its holdings in Wolfspeed by 416.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after buying an additional 3,664 shares during the period. Signaturefd LLC lifted its position in Wolfspeed by 284.3% in the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after buying an additional 1,544 shares during the last quarter. Asset Management One Co. Ltd. increased its position in Wolfspeed by 69.0% during the third quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock valued at $69,000 after acquiring an additional 2,885 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Wolfspeed in the second quarter valued at $75,000.

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.