Wolfspeed (NYSE:WOLF) Hits New 12-Month Low at $9.50

Wolfspeed, Inc. (NYSE:WOLF) shares hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $9.50 and last traded at $9.64, with a volume of 155277 shares. The stock had previously closed at $9.75.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on WOLF. Piper Sandler cut their target price on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft cut their price objective on Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. Mizuho cut their price objective on Wolfspeed from $28.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, August 22nd. Morgan Stanley cut their price objective on Wolfspeed from $23.00 to $15.00 and set an “equal weight” rating for the company in a research report on Thursday, August 15th. Finally, New Street Research downgraded Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price objective for the company. in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and a consensus price target of $24.53.

Wolfspeed Stock Up 4.2 %

The business has a fifty day moving average of $17.38 and a 200 day moving average of $23.16. The company has a market capitalization of $1.19 billion, a PE ratio of -1.47 and a beta of 1.60. The company has a current ratio of 4.51, a quick ratio of 3.85 and a debt-to-equity ratio of 6.99.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. TFO Wealth Partners LLC lifted its stake in Wolfspeed by 57,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after purchasing an additional 574 shares during the last quarter. Mather Group LLC. lifted its stake in Wolfspeed by 385.5% in the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after buying an additional 933 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of Wolfspeed by 56.9% during the first quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock worth $37,000 after purchasing an additional 452 shares during the last quarter. Signaturefd LLC raised its stake in shares of Wolfspeed by 284.3% during the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after purchasing an additional 1,544 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its stake in shares of Wolfspeed by 64.8% during the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after purchasing an additional 691 shares during the last quarter.

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.