Wolfspeed (NYSE:WOLF) Stock Price Down 7.2% - Time to Sell?

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) dropped 7.2% on Tuesday . The stock traded as low as $5.95 and last traded at $5.83. Approximately 2,582,885 shares were traded during trading, a decline of 87% from the average daily volume of 20,402,717 shares. The stock had previously closed at $6.28.

Wall Street Analyst Weigh In

Several research firms recently weighed in on WOLF. Morgan Stanley upped their price target on Wolfspeed from $10.00 to $15.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 16th. StockNews.com upgraded Wolfspeed to a "sell" rating in a report on Monday, January 6th. Mizuho decreased their price target on shares of Wolfspeed from $10.00 to $6.00 and set an "underperform" rating for the company in a report on Tuesday, November 19th. Canaccord Genuity Group dropped their price objective on shares of Wolfspeed from $25.00 to $18.00 and set a "buy" rating on the stock in a research note on Thursday, November 7th. Finally, Piper Sandler reissued an "overweight" rating and set a $18.00 target price (down previously from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $17.07.

Wolfspeed Stock Performance

The company has a 50 day moving average price of $7.60 and a 200 day moving average price of $11.41. 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 company has a market capitalization of $801.38 million, a price-to-earnings ratio of -1.05 and a beta of 1.43.

Insider Buying and Selling at Wolfspeed

In related news, Director Glenda Dorchak bought 3,592 shares of the business's stock in a transaction on Friday, November 22nd. The stock was acquired at an average price of $8.33 per share, with a total value of $29,921.36. Following the transaction, the director now owns 18,688 shares in the company, valued at approximately $155,671.04. This trade represents a 23.79 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Thomas H. Werner purchased 37,500 shares of the company's stock in a transaction dated Wednesday, November 20th. The stock was purchased at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the purchase, the chairman now 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. Insiders have acquired a total of 78,067 shares of company stock valued at $524,747 in the last 90 days. Corporate insiders own 0.84% of the company's stock.

Institutional Trading of Wolfspeed

Several hedge funds have recently bought and sold shares of WOLF. Eastern Bank bought a new stake in shares of Wolfspeed during the third quarter valued at approximately $27,000. GAMMA Investing LLC lifted its holdings in shares of Wolfspeed by 416.4% in the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company's stock valued at $44,000 after acquiring an additional 3,664 shares during the last quarter. Arkadios Wealth Advisors bought a new position in shares of Wolfspeed during the 4th quarter valued at approximately $67,000. Asset Management One Co. Ltd. raised its stake in shares of Wolfspeed by 69.0% in the third quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company's stock valued at $69,000 after acquiring an additional 2,885 shares during the period. Finally, Ground Swell Capital LLC purchased a new position in shares of Wolfspeed during the 3rd quarter worth about $99,000.

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.