Wolfspeed (NYSE:WOLF) Shares Down 3.2%

Wolfspeed, Inc. (NYSE:WOLF) fell 3.2% during mid-day trading on Wednesday . The stock traded as low as $12.18 and last traded at $12.20. 233,867 shares changed hands during trading, a decline of 95% from the average session volume of 4,424,093 shares. The stock had previously closed at $12.60.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on WOLF shares. New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price for the company. in a research report on Wednesday, August 7th. William Blair lowered shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 2nd. Susquehanna cut their target price on shares of Wolfspeed from $25.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft decreased their price objective on Wolfspeed from $30.00 to $25.00 and set a “hold” rating for the company in a research report on Tuesday, May 7th. Finally, Roth Mkm reiterated a “buy” rating and issued a $50.00 price objective on shares of Wolfspeed in a research note on Tuesday, April 30th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $33.73.

Wolfspeed Price Performance

The stock’s 50-day moving average price is $21.40 and its 200 day moving average price is $24.88. The company has a quick ratio of 4.00, a current ratio of 4.58 and a debt-to-equity ratio of 5.55. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of -1.89 and a beta of 1.60.

Insider Buying and Selling

In other Wolfspeed news, Director Marvin Riley bought 1,866 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were acquired at an average cost of $27.05 per share, for a total transaction of $50,475.30. Following the transaction, the director now owns 13,297 shares in the company, valued at $359,683.85. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.62% of the stock is owned by company insiders.

Institutional Trading of Wolfspeed

Several institutional investors have recently bought and sold shares of WOLF. Norges Bank acquired a new stake in shares of Wolfspeed in the 4th quarter valued at $308,701,000. Primecap Management Co. CA boosted its position in Wolfspeed by 15.3% in the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after buying an additional 800,540 shares in the last quarter. Cibc World Markets Corp acquired a new position in Wolfspeed in the fourth quarter valued at about $34,808,000. Vanguard Group Inc. grew its stake in Wolfspeed by 3.6% during the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after buying an additional 449,732 shares during the last quarter. Finally, Artisan Partners Limited Partnership increased its holdings in shares of Wolfspeed by 15.5% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock worth $114,261,000 after buying an additional 352,609 shares in 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.