Wolfspeed (NYSE:WOLF) Trading Down 4.7% - What's Next?

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) shares traded down 4.7% during trading on Monday . The stock traded as low as $7.80 and last traded at $7.86. 3,487,057 shares changed hands during trading, a decline of 53% from the average session volume of 7,350,731 shares. The stock had previously closed at $8.25.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Bank of America decreased their target price on shares of Wolfspeed from $25.00 to $15.00 and set an "underperform" rating for the company in a research note on Friday, August 23rd. Susquehanna decreased their price target on shares of Wolfspeed from $16.00 to $11.00 and set a "neutral" rating on the stock in a research note on Thursday, November 7th. Canaccord Genuity Group decreased their target price on shares of Wolfspeed from $25.00 to $18.00 and set a "buy" rating on the stock in a research report on Thursday, November 7th. TD Cowen cut their price objective on shares of Wolfspeed from $25.00 to $15.00 and set a "hold" rating on the stock in a research report on Thursday, August 22nd. Finally, Roth Mkm dropped 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. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $17.21.

Wolfspeed Trading Down 3.0 %

The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. The company's fifty day moving average price is $10.88 and its two-hundred day moving average price is $14.99. The firm has a market cap of $1.02 billion, a PE ratio of -1.39 and a beta of 1.38.

Insiders Place Their Bets

In related news, Director Glenda Dorchak acquired 3,592 shares of Wolfspeed stock in a transaction on Friday, November 22nd. The shares were purchased at an average cost of $8.33 per share, for a total transaction of $29,921.36. Following the purchase, the director now directly owns 18,688 shares of the company's stock, valued at $155,671.04. The trade was a 23.79 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Darren R. Jackson bought 36,975 shares of the company's stock in a transaction dated Wednesday, November 20th. The stock was bought at an average cost of $6.76 per share, with a total value of $249,951.00. Following the transaction, the director now directly owns 85,996 shares in the company, valued at approximately $581,332.96. The trade was a 75.43 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 78,067 shares of company stock valued at $524,747. Insiders own 0.84% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Eastern Bank bought a new position in Wolfspeed during the third quarter worth $27,000. GAMMA Investing LLC grew its position in shares of Wolfspeed by 416.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company's stock valued at $44,000 after buying an additional 3,664 shares during the last quarter. Signaturefd LLC raised its stake in Wolfspeed by 284.3% during the second quarter. Signaturefd LLC now owns 2,087 shares of the company's stock worth $48,000 after acquiring an additional 1,544 shares during the period. Asset Management One Co. Ltd. boosted its stake in 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, Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Wolfspeed during the second quarter valued at approximately $75,000.

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.

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