Wolfspeed, Inc. (NYSE:WOLF) Receives $17.21 Average PT from Brokerages

Shares of Wolfspeed, Inc. (NYSE:WOLF) have been assigned an average rating of “Hold” from the sixteen analysts that are presently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, ten have given a hold recommendation and four have given a buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $17.21.

WOLF has been the subject of a number of recent analyst reports. Susquehanna lowered their price target on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Canaccord Genuity Group reduced their target price on Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. JPMorgan Chase & Co. cut their price target on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Morgan Stanley raised their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Finally, Roth Mkm cut their target price on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th.

Insider Transactions at Wolfspeed

In related news, Director Darren R. Jackson purchased 36,975 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were bought at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the transaction, the director now owns 85,996 shares of the company’s stock, valued at $581,332.96. This represents a 75.43 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman Thomas H. Werner purchased 37,500 shares of Wolfspeed stock in a transaction dated Wednesday, November 20th. The stock was bought at an average cost of $6.53 per share, with a total value 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. This trade represents a 52.78 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 78,067 shares of company stock worth $524,747. Company insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arizona State Retirement System increased its position in shares of Wolfspeed by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock valued at $802,000 after purchasing an additional 775 shares during the period. Quest Partners LLC grew its holdings in Wolfspeed by 264.9% during the second quarter. Quest Partners LLC now owns 9,127 shares of the company’s stock worth $208,000 after acquiring an additional 6,626 shares during the period. Texas Permanent School Fund Corp raised its position in Wolfspeed by 23.0% in the second quarter. Texas Permanent School Fund Corp now owns 135,262 shares of the company’s stock worth $3,079,000 after acquiring an additional 25,296 shares in the last quarter. Global X Japan Co. Ltd. lifted its holdings in Wolfspeed by 51.6% in the 2nd quarter. Global X Japan Co. Ltd. now owns 14,523 shares of the company’s stock valued at $331,000 after acquiring an additional 4,941 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new stake in Wolfspeed in the 2nd quarter valued at about $2,147,000.

Wolfspeed Price Performance

WOLF stock opened at $5.09 on Tuesday. The company has a market cap of $650.06 million, a PE ratio of -0.86 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. The stock has a 50-day moving average price of $8.27 and a two-hundred day moving average price of $12.34. Wolfspeed has a 12-month low of $5.05 and a 12-month high of $37.29.

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.