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

Shares of Wolfspeed, Inc. (NYSE:WOLF) have been given an average rating of “Hold” by the sixteen research firms that are covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $17.21.

Several brokerages recently issued reports on WOLF. The Goldman Sachs Group reduced their target price 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. Canaccord Genuity Group reduced their price objective on Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. TD Cowen decreased their price objective on Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. Morgan Stanley raised their target price on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Finally, Roth Mkm decreased 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.

Insider Activity

In related news, Director Glenda Dorchak bought 3,592 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was acquired at an average price of $8.33 per share, with a total value of $29,921.36. Following the completion of 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 purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Thomas H. Werner purchased 37,500 shares of Wolfspeed stock in a transaction that occurred on Wednesday, November 20th. The shares were bought 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 approximately $708,824.97. The trade was a 52.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 78,067 shares of company stock worth $524,747 in the last quarter. Corporate insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

Several institutional investors have recently bought and sold shares of WOLF. Arizona State Retirement System lifted its position in shares of Wolfspeed by 2.3% in the second quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock valued at $802,000 after acquiring an additional 775 shares in the last quarter. Signaturefd LLC raised its stake in Wolfspeed by 284.3% in the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after purchasing an additional 1,544 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in Wolfspeed by 6.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 29,470 shares of the company’s stock valued at $671,000 after purchasing an additional 1,722 shares in the last quarter. Vontobel Holding Ltd. boosted its stake in Wolfspeed by 5.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company’s stock worth $364,000 after purchasing an additional 1,835 shares during the last quarter. Finally, New York State Teachers Retirement System grew its holdings in shares of Wolfspeed by 1.3% during the third quarter. New York State Teachers Retirement System now owns 145,284 shares of the company’s stock worth $1,409,000 after buying an additional 1,885 shares in the last quarter.

Wolfspeed Stock Performance

WOLF opened at $7.00 on Friday. 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 12-month low of $6.10 and a 12-month high of $47.43. The firm has a 50 day moving average of $10.71 and a two-hundred day moving average of $14.63. The firm has a market capitalization of $893.99 million, a PE ratio of -1.18 and a beta of 1.38.

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.