Wolfspeed (NYSE:WOLF) Shares Down 8%

Shares of Wolfspeed, Inc. (NYSE:WOLF) were down 8% during trading on Wednesday . The stock traded as low as $13.14 and last traded at $13.18. Approximately 3,730,669 shares changed hands during mid-day trading, a decline of 14% from the average daily volume of 4,327,918 shares. The stock had previously closed at $14.33.

Analyst Ratings Changes

WOLF has been the subject of several analyst reports. William Blair downgraded Wolfspeed from an “outperform” rating to a “market perform” rating in a report on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft reduced their target price on Wolfspeed from $30.00 to $25.00 and set a “hold” rating on the stock in a research report on Tuesday, May 7th. TD Cowen cut Wolfspeed from a “buy” rating to a “hold” rating and lowered their price target for the company from $40.00 to $25.00 in a report on Thursday, May 2nd. Citigroup dropped their price objective on shares of Wolfspeed from $29.00 to $25.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. Finally, Oppenheimer reissued a “market perform” rating on shares of Wolfspeed in a research report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $34.27.

Wolfspeed Trading Down 11.5 %

The company has a debt-to-equity ratio of 5.55, a current ratio of 4.58 and a quick ratio of 4.00. The business’s fifty day simple moving average is $23.40 and its 200 day simple moving average is $25.84. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of -2.08 and a beta of 1.60.

Insider Buying and Selling

In other news, Director Marvin Riley bought 1,866 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was purchased at an average price of $27.05 per share, for a total transaction of $50,475.30. Following the transaction, the director now owns 13,297 shares in the company, valued at $359,683.85. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.62% of the stock is owned by company insiders.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Wolfspeed by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after buying an additional 449,732 shares during the period. Norges Bank acquired a new stake in shares of Wolfspeed during the fourth quarter valued at approximately $308,701,000. Artisan Partners Limited Partnership lifted its position in shares of Wolfspeed by 15.5% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock valued at $114,261,000 after acquiring an additional 352,609 shares in the last quarter. Primecap Management Co. CA lifted its position in shares of Wolfspeed by 1.6% in the 4th quarter. Primecap Management Co. CA now owns 1,906,494 shares of the company’s stock valued at $82,952,000 after acquiring an additional 29,700 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Wolfspeed by 14.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock worth $26,796,000 after purchasing an additional 147,527 shares during the period.

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.