Wolfspeed (NYSE:WOLF) Trading Down 3.2%

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

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Susquehanna lowered their target price on Wolfspeed from $25.00 to $23.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. Citigroup dropped their price objective on shares of Wolfspeed from $29.00 to $25.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. Canaccord Genuity Group decreased their price target on shares of Wolfspeed from $47.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, June 25th. TD Cowen downgraded shares of Wolfspeed from a “buy” rating to a “hold” rating and cut their price objective for the company from $40.00 to $25.00 in a research report on Thursday, May 2nd. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on Wolfspeed from $30.00 to $25.00 and set a “hold” rating on the stock in a report on Tuesday, May 7th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Wolfspeed presently has a consensus rating of “Hold” and a consensus target price of $33.73.

Wolfspeed Price Performance

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

Insider Buying and Selling at Wolfspeed

In related news, Director Marvin Riley acquired 1,866 shares of Wolfspeed stock in a transaction dated Tuesday, May 28th. The shares were purchased at an average price of $27.05 per share, for a total transaction of $50,475.30. Following the completion of the transaction, the director now directly owns 13,297 shares in the company, valued at approximately $359,683.85. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.62% of the company’s stock.

Institutional Trading of Wolfspeed

A number of large investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp raised its stake in Wolfspeed by 56.9% during the first quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock valued at $37,000 after purchasing an additional 452 shares in the last quarter. Capital Investment Advisory Services LLC raised its position in shares of Wolfspeed by 6.1% during the 4th quarter. Capital Investment Advisory Services LLC now owns 8,665 shares of the company’s stock valued at $377,000 after buying an additional 500 shares in the last quarter. New York State Teachers Retirement System raised its position in shares of Wolfspeed by 0.3% during the 1st quarter. New York State Teachers Retirement System now owns 143,499 shares of the company’s stock valued at $4,233,000 after buying an additional 500 shares in the last quarter. Treasurer of the State of North Carolina lifted its holdings in shares of Wolfspeed by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 54,998 shares of the company’s stock valued at $2,393,000 after acquiring an additional 540 shares during the last quarter. Finally, TFO Wealth Partners LLC grew its position in Wolfspeed by 57,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after acquiring an additional 574 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.