Wolfspeed (NYSE:WOLF) Stock Price Down 9.3% – Time to Sell?

Wolfspeed, Inc. (NYSE:WOLF)’s share price traded down 9.3% on Wednesday . The stock traded as low as $6.40 and last traded at $6.41. 4,148,227 shares were traded during trading, a decline of 63% from the average session volume of 11,170,124 shares. The stock had previously closed at $7.07.

Analyst Upgrades and Downgrades

WOLF has been the subject of several analyst reports. Piper Sandler restated an “overweight” rating and issued a $18.00 price objective (down from $20.00) on shares of Wolfspeed in a research note 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. Canaccord Genuity Group lowered their price objective on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Roth Mkm reduced their target price on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Finally, Morgan Stanley lifted their price target on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Stock Performance

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 business has a 50 day moving average of $8.43 and a 200 day moving average of $12.54. The company has a market capitalization of $650.06 million, a P/E ratio of -0.86 and a beta of 1.43.

Insider Activity

In related news, Director Glenda Dorchak purchased 3,592 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was bought at an average price of $8.33 per share, for a total transaction of $29,921.36. Following the completion of the transaction, the director now owns 18,688 shares in the company, valued at approximately $155,671.04. The trade was a 23.79 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Thomas H. Werner acquired 37,500 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were bought at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the transaction, the chairman now owns 108,549 shares of the company’s stock, valued at approximately $708,824.97. This trade represents a 52.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 78,067 shares of company stock worth $524,747. 0.84% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Two Sigma Advisers LP grew its position in Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after acquiring an additional 2,189,500 shares during the last quarter. Primecap Management Co. CA increased its stake in Wolfspeed by 15.3% in the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock worth $137,591,000 after buying an additional 800,540 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Wolfspeed by 1,158.0% during 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 purchased a new stake in Wolfspeed in the 3rd quarter valued at about $4,542,000. Finally, Iridian Asset Management LLC CT grew its stake in Wolfspeed by 319.9% in 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.

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.