The Goldman Sachs Group Issues Pessimistic Forecast for Wolfspeed (NYSE:WOLF) Stock Price

Wolfspeed (NYSE:WOLF - Free Report) had its target price reduced by The Goldman Sachs Group from $19.00 to $17.00 in a report issued on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts have also recently commented on WOLF. Piper Sandler restated an "overweight" rating and set a $18.00 price target (down previously from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. JPMorgan Chase & Co. dropped their target price on Wolfspeed from $20.00 to $17.00 and set a "neutral" rating for the company in a report on Thursday, November 7th. StockNews.com raised Wolfspeed to a "sell" rating in a research note on Monday, January 6th. Susquehanna lowered their price target on Wolfspeed from $16.00 to $11.00 and set a "neutral" rating on the stock in a research report on Thursday, November 7th. Finally, Roth Mkm cut their price objective on Wolfspeed from $25.00 to $20.00 and set a "buy" rating for the company in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $17.07.

Wolfspeed Price Performance

Shares of WOLF stock traded down $0.51 during mid-day trading on Thursday, reaching $6.25. The company's stock had a trading volume of 20,416,176 shares, compared to its average volume of 22,034,490. The firm's 50-day moving average is $7.77 and its two-hundred day moving average is $11.94. The company has a market cap of $798.70 million, a P/E ratio of -1.05 and a beta of 1.43. Wolfspeed has a 1-year low of $4.66 and a 1-year high of $37.29. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14.

Insider Activity

In other news, Director Glenda Dorchak purchased 3,592 shares of the business's stock in a transaction that occurred on Friday, November 22nd. The shares were acquired at an average cost of $8.33 per share, for a total transaction of $29,921.36. Following the transaction, the director now directly owns 18,688 shares of the company's stock, valued at approximately $155,671.04. The trade was a 23.79 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Thomas H. Werner acquired 37,500 shares of Wolfspeed stock in a transaction that occurred on Wednesday, November 20th. The shares were purchased at an average cost of $6.53 per share, for a total transaction of $244,875.00. Following the purchase, the chairman now directly owns 108,549 shares in the company, valued at $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. Insiders have purchased a total of 78,067 shares of company stock valued at $524,747 in the last 90 days. 0.84% of the stock is owned by company insiders.

Institutional Trading of Wolfspeed

Large investors have recently made changes to their positions in the company. Primecap Management Co. CA grew its stake in Wolfspeed by 5.0% in the third 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 during the period. Two Sigma Advisers LP lifted its holdings in shares of Wolfspeed by 813.6% during the 3rd 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. Samlyn Capital LLC grew its position in shares of Wolfspeed by 51.6% in the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company's stock valued at $22,968,000 after purchasing an additional 343,277 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Wolfspeed by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company's stock worth $8,451,000 after purchasing an additional 21,143 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised 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 worth $8,082,000 after buying an additional 766,971 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.