Wolfspeed (NYSE:WOLF) Trading Down 7.2% – Time to Sell?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price was down 7.2% on Tuesday . The stock traded as low as $5.95 and last traded at $5.83. Approximately 2,582,885 shares changed hands during trading, a decline of 87% from the average daily volume of 20,402,717 shares. The stock had previously closed at $6.28.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on WOLF shares. 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. Mizuho reduced their price target on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research report on Tuesday, November 19th. Roth Mkm lowered their price objective on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Finally, The Goldman Sachs Group decreased their target price on shares of Wolfspeed from $19.00 to $17.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Wolfspeed presently has a consensus rating of “Hold” and a consensus price target of $16.79.

Wolfspeed Stock Down 0.9 %

The company has a market cap of $782.22 million, a price-to-earnings ratio of -1.03 and a beta of 1.43. The business has a 50-day simple moving average of $7.56 and a two-hundred day simple moving average of $11.38. 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 Activity at Wolfspeed

In other news, Chairman Thomas H. Werner bought 37,500 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was purchased at an average price of $6.53 per share, with a total value of $244,875.00. Following the transaction, the chairman now directly 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 acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Darren R. Jackson purchased 36,975 shares of the stock in a transaction dated 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 completion of the transaction, the director now owns 85,996 shares of the company’s stock, valued at $581,332.96. The trade was a 75.43 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 78,067 shares of company stock valued at $524,747. Corporate insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in WOLF. Iridian Asset Management LLC CT raised its position in shares of Wolfspeed by 319.9% during the third 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 last quarter. Public Sector Pension Investment Board bought a new position in Wolfspeed during the third quarter valued at about $2,590,000. Primecap Management Co. CA raised its holdings in Wolfspeed by 5.0% in the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock valued at $61,587,000 after acquiring an additional 303,870 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Wolfspeed by 41.4% in the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock worth $5,748,000 after acquiring an additional 173,409 shares during the period. Finally, Rheos Capital Works Inc. grew its holdings in shares of 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 in the last quarter.

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.