Wolfspeed, Inc. (NYSE:WOLF) Receives $17.21 Average Price Target from Analysts

Shares of Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) have been given a consensus recommendation of "Hold" by the sixteen ratings firms that are currently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $17.21.

A number of equities analysts have issued reports on the stock. Morgan Stanley raised their target price on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 16th. TD Cowen cut their price target on Wolfspeed from $25.00 to $15.00 and set a "hold" rating on the stock in a report on Thursday, August 22nd. JPMorgan Chase & Co. lowered their price objective on Wolfspeed from $20.00 to $17.00 and set a "neutral" rating for the company in a research note on Thursday, November 7th. Roth Mkm cut their target price on Wolfspeed from $25.00 to $20.00 and set a "buy" rating on the stock in a research note on Thursday, November 7th. Finally, Canaccord Genuity Group reduced their price target on shares of Wolfspeed from $25.00 to $18.00 and set a "buy" rating for the company in a report on Thursday, November 7th.

Wolfspeed Stock Performance

WOLF stock traded up $0.19 during trading on Friday, hitting $8.27. 9,101,193 shares of the company's stock traded hands, compared to its average volume of 7,368,530. The stock has a fifty day moving average price of $10.88 and a two-hundred day moving average price of $15.15. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. Wolfspeed has a 52 week low of $6.10 and a 52 week high of $47.43. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of -1.39 and a beta of 1.38.

Insider Buying and Selling at Wolfspeed

In related news, Director Glenda Dorchak acquired 3,592 shares of the business's stock in a transaction dated 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 transaction, the director now owns 18,688 shares of the company's stock, valued at approximately $155,671.04. The trade was a 23.79 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Thomas H. Werner bought 37,500 shares of the firm's stock in a transaction that occurred on Wednesday, November 20th. The stock was bought at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the acquisition, 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 disclosure for this purchase can be found here. In the last ninety days, insiders bought 78,067 shares of company stock valued at $524,747. 0.84% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds have recently modified their holdings of WOLF. Primecap Management Co. CA lifted its position in shares of 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. Two Sigma Advisers LP lifted its holdings 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 valued at $23,848,000 after purchasing an additional 2,189,500 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Wolfspeed by 14.3% in the second quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company's stock worth $26,796,000 after buying an additional 147,527 shares during the period. Samlyn Capital LLC grew its holdings in shares of Wolfspeed by 51.6% during the second quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company's stock valued at $22,968,000 after buying an additional 343,277 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Wolfspeed by 2.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company's stock valued at $8,451,000 after buying an additional 21,143 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.