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

Wolfspeed, Inc. (NYSE:WOLFGet Free Report) has been assigned a consensus recommendation of “Hold” from the sixteen brokerages that are currently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $17.21.

WOLF has been the subject of a number of research analyst reports. Susquehanna cut 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. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research note on Monday. Piper Sandler restated an “overweight” rating and issued a $18.00 price target (down from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. Morgan Stanley upped their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Finally, 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.

Get Our Latest Research Report on WOLF

Wolfspeed Stock Up 2.6 %

WOLF stock opened at $7.36 on Tuesday. The stock has a market capitalization of $939.97 million, a price-to-earnings ratio of -1.24 and a beta of 1.43. The company has a 50-day moving average of $8.93 and a two-hundred day moving average of $12.74. Wolfspeed has a 52-week low of $6.10 and a 52-week high of $42.23. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54.

Insider Activity

In related news, Chairman Thomas H. Werner purchased 37,500 shares of Wolfspeed stock in a transaction that occurred on 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 transaction, the chairman now directly owns 108,549 shares in the company, valued at approximately $708,824.97. This represents a 52.78 % increase in their ownership of the stock. The transaction 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 firm’s stock in a transaction on Wednesday, November 20th. The shares were bought at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the acquisition, 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 ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 78,067 shares of company stock worth $524,747. Corporate insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

Several large investors have recently made changes to their positions in the company. Iridian Asset Management LLC CT raised its holdings in Wolfspeed by 319.9% during the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after purchasing an additional 397,057 shares during the last quarter. Public Sector Pension Investment Board acquired a new stake in shares of Wolfspeed during the 3rd quarter worth approximately $2,590,000. Primecap Management Co. CA raised its stake in shares of Wolfspeed by 5.0% during the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after buying an additional 303,870 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Wolfspeed by 41.4% in the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after acquiring an additional 173,409 shares during the last quarter. Finally, Rheos Capital Works Inc. grew its holdings in Wolfspeed by 140.8% during the 3rd quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock worth $4,147,000 after acquiring an additional 250,000 shares during the period.

Wolfspeed Company Profile

(Get Free Report

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.

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Analyst Recommendations for Wolfspeed (NYSE:WOLF)

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