Wolfspeed (NYSE:WOLF) Stock Rating Upgraded by StockNews.com

Wolfspeed (NYSE:WOLF) was upgraded by analysts at StockNews.com to a “sell” rating in a research report issued on Monday.

Several other analysts have also issued reports on the stock. The Goldman Sachs Group decreased their price target on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Canaccord Genuity Group decreased their target price on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Roth Mkm cut their price target on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, November 7th. JPMorgan Chase & Co. decreased their price objective on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Finally, 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. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $17.21.

Wolfspeed Stock Up 8.1 %

WOLF opened at $7.17 on Monday. The business has a 50 day moving average of $9.09 and a 200-day moving average of $12.86. The stock has a market capitalization of $915.70 million, a price-to-earnings ratio of -1.21 and a beta of 1.38. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. Wolfspeed has a 1-year low of $6.10 and a 1-year high of $42.23.

Insider Activity at Wolfspeed

In other Wolfspeed news, Chairman Thomas H. Werner purchased 37,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average cost of $6.53 per share, with a total value of $244,875.00. Following the acquisition, the chairman now directly owns 108,549 shares of the company’s stock, valued at approximately $708,824.97. This trade represents a 52.78 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Darren R. Jackson acquired 36,975 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was acquired at an average price of $6.76 per share, with a total value of $249,951.00. Following the transaction, the director now owns 85,996 shares in the company, valued at approximately $581,332.96. The trade was a 75.43 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 78,067 shares of company stock valued at $524,747 in the last ninety days. Insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

Hedge funds have recently added to or reduced their stakes in the stock. Arizona State Retirement System lifted its position in shares of Wolfspeed by 2.3% during the second quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock worth $802,000 after purchasing an additional 775 shares in the last quarter. Quest Partners LLC lifted its holdings in Wolfspeed by 264.9% during the 2nd quarter. Quest Partners LLC now owns 9,127 shares of the company’s stock worth $208,000 after buying an additional 6,626 shares in the last quarter. Texas Permanent School Fund Corp lifted its holdings in Wolfspeed by 23.0% during the 2nd 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 in the last quarter. Global X Japan Co. Ltd. boosted its position in Wolfspeed by 51.6% in the 2nd quarter. Global X Japan Co. Ltd. now owns 14,523 shares of the company’s stock valued at $331,000 after buying an additional 4,941 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of 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.