Wolfspeed (NYSE:WOLF) Stock Rating Upgraded by StockNews.com

Wolfspeed (NYSE:WOLF) was upgraded by stock analysts at StockNews.com to a “sell” rating in a research report issued on Monday.

A number of other research analysts also recently weighed in on the stock. JPMorgan Chase & Co. decreased their target price on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Morgan Stanley increased their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Roth Mkm lowered their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. The Goldman Sachs Group reduced their price target on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, Mizuho decreased their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday, November 19th. Three investment 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’s stock. Based on data from MarketBeat, Wolfspeed currently has an average rating of “Hold” and an average price target of $17.21.

Wolfspeed Trading Down 3.5 %

NYSE:WOLF opened at $7.09 on Monday. The company has a market cap of $905.49 million, a P/E ratio of -1.19 and a beta of 1.43. Wolfspeed has a twelve month low of $6.10 and a twelve month high of $42.23. The business has a 50 day moving average price of $8.76 and a two-hundred day moving average price of $12.63. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82.

Insider Buying and Selling

In other news, Director Darren R. Jackson purchased 36,975 shares of Wolfspeed stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the purchase, the director now directly owns 85,996 shares of the company’s stock, valued at $581,332.96. This trade represents a 75.43 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Thomas H. Werner acquired 37,500 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was purchased at an average cost of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the acquisition, the chairman now 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 disclosure for this purchase can be found here. In the last 90 days, insiders purchased 78,067 shares of company stock valued at $524,747. Company insiders own 0.84% of the company’s stock.

Institutional Trading of Wolfspeed

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Two Sigma Advisers LP increased its position in shares of Wolfspeed by 813.6% in the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after purchasing an additional 2,189,500 shares during the period. Primecap Management Co. CA increased its holdings in Wolfspeed by 15.3% in the 2nd 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 during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Wolfspeed by 1,158.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock valued at $8,082,000 after buying an additional 766,971 shares in the last quarter. Erste Asset Management GmbH bought a new stake in shares of Wolfspeed during the 3rd quarter worth approximately $4,542,000. Finally, Iridian Asset Management LLC CT boosted its position in shares of 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 acquiring an additional 397,057 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.