Wolfspeed (NYSE:WOLF) Reaches New 1-Year Low - Here's What Happened

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $4.66 and last traded at $4.77, with a volume of 20191372 shares. The stock had previously closed at $4.91.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Susquehanna cut their target price on shares of Wolfspeed from $16.00 to $11.00 and set a "neutral" rating on the stock in a research report on Thursday, November 7th. The Goldman Sachs Group cut their price objective on shares of Wolfspeed from $19.00 to $17.00 and set a "buy" rating on the stock in a report on Thursday. Mizuho lowered their target price on Wolfspeed from $10.00 to $6.00 and set an "underperform" rating for the company in a report on Tuesday, November 19th. JPMorgan Chase & Co. cut their price target on Wolfspeed from $20.00 to $17.00 and set a "neutral" rating on the stock in a report on Thursday, November 7th. Finally, Morgan Stanley boosted their price target on Wolfspeed from $10.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 16th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Wolfspeed currently has an average rating of "Hold" and an average target price of $17.07.

Wolfspeed Stock Down 7.5 %

The company's 50-day moving average is $7.77 and its 200 day moving average is $11.94. The stock has a market capitalization of $798.70 million, a PE ratio of -1.05 and a beta of 1.43. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82.

Insiders Place Their Bets

In other Wolfspeed news, 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 cost of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the transaction, the chairman now directly owns 108,549 shares of the company's stock, valued at approximately $708,824.97. This trade represents a 52.78 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Glenda Dorchak purchased 3,592 shares of the business's stock in a transaction on Friday, November 22nd. The shares were bought at an average cost of $8.33 per share, for a total transaction of $29,921.36. Following the completion of the transaction, the director now directly owns 18,688 shares in the company, valued at $155,671.04. This trade represents a 23.79 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 78,067 shares of company stock valued at $524,747. Insiders own 0.84% of the company's stock.

Institutional Trading of Wolfspeed

Hedge funds have recently modified their holdings of the stock. Two Sigma Advisers LP lifted its holdings in 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 acquiring an additional 2,189,500 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of 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 purchasing an additional 766,971 shares in the last quarter. Erste Asset Management GmbH acquired a new position in shares of Wolfspeed in the 3rd quarter valued at $4,542,000. Iridian Asset Management LLC CT boosted its holdings in Wolfspeed by 319.9% during the third quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company's stock worth $5,055,000 after buying an additional 397,057 shares in the last quarter. Finally, Samlyn Capital LLC grew its position in 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 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.