Wolfspeed (NYSE:WOLF) Sets New 12-Month Low - Should You Sell?

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

Analysts Set New Price Targets

Several equities research analysts have issued reports on WOLF shares. JPMorgan Chase & Co. dropped their price target on Wolfspeed from $20.00 to $17.00 and set a "neutral" rating for the company in a research note on Thursday, November 7th. Piper Sandler restated an "overweight" rating and set a $18.00 price target (down from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. StockNews.com upgraded Wolfspeed to a "sell" rating in a report on Monday, January 6th. Canaccord Genuity Group dropped their target price on Wolfspeed from $25.00 to $18.00 and set a "buy" rating for the company in a report on Thursday, November 7th. Finally, Susquehanna decreased their price target on Wolfspeed from $16.00 to $11.00 and set a "neutral" rating on the stock in a research note on Thursday, November 7th. Three 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 stock. According to data from MarketBeat, Wolfspeed currently has a consensus rating of "Hold" and an average target price of $17.21.

Wolfspeed Price Performance

The stock has a market cap of $853.10 million, a P/E ratio of -1.12 and a beta of 1.38. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. The firm has a 50-day moving average price of $7.94 and a 200-day moving average price of $12.01.

Insider Buying and Selling

In other Wolfspeed news, Director Darren R. Jackson acquired 36,975 shares of the business's stock in a transaction on Wednesday, November 20th. The shares were acquired at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the acquisition, the director now owns 85,996 shares in the company, valued at $581,332.96. This trade represents a 75.43 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Thomas H. Werner bought 37,500 shares of the firm's stock in a transaction on Wednesday, November 20th. The shares were acquired at an average cost of $6.53 per share, with a total value of $244,875.00. Following the purchase, the chairman now directly owns 108,549 shares of the company's stock, valued at approximately $708,824.97. This represents a 52.78 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 78,067 shares of company stock valued at $524,747 over the last ninety days. Company insiders own 0.84% of the company's stock.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds have recently added to or reduced their stakes in the stock. DekaBank Deutsche Girozentrale purchased a new stake in Wolfspeed during the 2nd quarter valued at about $2,147,000. Dimensional Fund Advisors LP grew its holdings in shares of Wolfspeed by 30.5% during the second quarter. Dimensional Fund Advisors LP now owns 637,581 shares of the company's stock valued at $14,513,000 after buying an additional 149,093 shares during the last quarter. Primecap Management Co. CA increased its position in shares of Wolfspeed by 15.3% during the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company's stock valued at $137,591,000 after acquiring an additional 800,540 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in Wolfspeed by 32.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 15,665 shares of the company's stock worth $353,000 after acquiring an additional 3,860 shares during the last quarter. Finally, Seven Eight Capital LP boosted its stake in Wolfspeed by 82.2% during the 2nd quarter. Seven Eight Capital LP now owns 229,498 shares of the company's stock valued at $5,223,000 after purchasing an additional 103,544 shares during the last quarter.

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.