Wolfspeed (NYSE:WOLF) Trading Down 6.1% – Should You Sell?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price traded down 6.1% during trading on Tuesday . The company traded as low as $9.03 and last traded at $9.33. 2,191,267 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 7,132,892 shares. The stock had previously closed at $9.94.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on WOLF shares. The Goldman Sachs Group decreased their price target on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Susquehanna lowered their target price on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Mizuho reduced their price objective on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research report on Tuesday, November 19th. New Street Research lowered shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price on the stock. in a research report on Wednesday, August 7th. Finally, Morgan Stanley increased their price target on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Stock Performance

The stock has a 50-day simple moving average of $10.74 and a 200-day simple moving average of $16.60. The stock has a market cap of $1.16 billion, a P/E ratio of -1.50 and a beta of 1.46. 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 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 shares were acquired at an average price of $6.53 per share, with a total value of $244,875.00. Following the transaction, the chairman now owns 108,549 shares in the company, valued at $708,824.97. The trade was a 52.78 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Glenda Dorchak bought 3,592 shares of the stock in a transaction dated Friday, November 22nd. The stock was purchased at an average price of $8.33 per share, with a total value of $29,921.36. Following the acquisition, the director now owns 18,688 shares of the company’s stock, valued at $155,671.04. The trade was a 23.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have bought 78,067 shares of company stock valued at $524,747. 0.84% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Mather Group LLC. raised its holdings in shares of Wolfspeed by 385.5% in the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after acquiring an additional 933 shares in the last quarter. Eastern Bank purchased a new position in shares of Wolfspeed in the third quarter worth $27,000. GAMMA Investing LLC grew its holdings in Wolfspeed by 416.4% in the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock worth $44,000 after acquiring an additional 3,664 shares during the last quarter. Signaturefd LLC lifted its holdings in Wolfspeed by 284.3% in the 2nd 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 period. Finally, Advisors Asset Management Inc. lifted its stake in Wolfspeed by 64.8% in the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after acquiring an additional 691 shares during the period.

Wolfspeed Company Profile

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.