Wolfspeed (NYSE:WOLF) Reaches New 52-Week Low – Here’s What Happened

Shares of Wolfspeed, Inc. (NYSE:WOLF) reached a new 52-week low during trading on Wednesday . The stock traded as low as $4.66 and last traded at $4.77, with a volume of 20191372 shares traded. The stock had previously closed at $4.91.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on WOLF shares. Canaccord Genuity Group dropped their target price on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Roth Mkm cut their price objective on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. JPMorgan Chase & Co. decreased their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Mizuho cut their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a report on Tuesday, November 19th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $18.00 price objective (down from $20.00) on shares of Wolfspeed in a report on Thursday, November 7th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Wolfspeed has an average rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Trading Down 2.9 %

The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. The company’s 50 day moving average price is $8.11 and its two-hundred day moving average price is $12.14.

Insider Buying and Selling

In other Wolfspeed news, Chairman Thomas H. Werner purchased 37,500 shares of Wolfspeed stock in a transaction dated Wednesday, November 20th. The shares were 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 $708,824.97. This represents a 52.78 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Glenda Dorchak purchased 3,592 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were acquired at an average cost 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 in the company, valued at $155,671.04. The trade was a 23.79 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 78,067 shares of company stock valued at $524,747 in the last ninety days. 0.84% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Iridian Asset Management LLC CT boosted its position in Wolfspeed by 319.9% in the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after buying an additional 397,057 shares during the period. Public Sector Pension Investment Board bought a new stake in shares of Wolfspeed during the third quarter valued at approximately $2,590,000. Primecap Management Co. CA boosted its holdings in shares of Wolfspeed by 5.0% in the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock valued at $61,587,000 after purchasing an additional 303,870 shares during the period. Principal Financial Group Inc. grew its stake in Wolfspeed by 41.4% in the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock worth $5,748,000 after purchasing an additional 173,409 shares in the last quarter. Finally, Rheos Capital Works Inc. increased its holdings in Wolfspeed by 140.8% during the 3rd quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock worth $4,147,000 after purchasing an additional 250,000 shares during the period.

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.