Wolfspeed (NYSE:WOLF) Sets New 52-Week Low – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $6.22 and last traded at $6.24, with a volume of 2202711 shares changing hands. The stock had previously closed at $6.44.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Morgan Stanley boosted their target price on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Roth Mkm cut their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft cut their target price on Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. Bank of America cut their price objective on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research report on Friday, August 23rd. Finally, Susquehanna cut their price objective on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Stock Up 31.0 %

The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. The company has a market cap of $1.08 billion, a price-to-earnings ratio of -1.42 and a beta of 1.46. The firm’s 50 day simple moving average is $10.71 and its 200-day simple moving average is $16.94.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative net margin of 93.31% and a negative return on equity of 49.86%. The company had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.11 million. As a group, sell-side analysts anticipate that Wolfspeed, Inc. will post -4.13 earnings per share for the current year.

Insider Transactions at Wolfspeed

In other news, Chairman Thomas H. Werner acquired 37,500 shares of Wolfspeed stock in a transaction that occurred on 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 transaction, the chairman now directly owns 108,549 shares in the company, valued at approximately $708,824.97. This trade represents a 52.78 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Darren R. Jackson acquired 36,975 shares of Wolfspeed stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average price of $6.76 per share, with a total value 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 trade represents a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

A number of hedge funds have recently added to or reduced their stakes in WOLF. Mather Group LLC. lifted its position in Wolfspeed by 385.5% in the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after purchasing an additional 933 shares during the period. Eastern Bank acquired a new stake in Wolfspeed in the third quarter valued at about $27,000. GAMMA Investing LLC lifted its position in Wolfspeed by 416.4% in the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after purchasing an additional 3,664 shares during the period. Signaturefd LLC lifted its position in Wolfspeed by 284.3% in the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after purchasing an additional 1,544 shares during the period. Finally, Advisors Asset Management Inc. lifted its position in Wolfspeed by 64.8% in the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock valued at $52,000 after purchasing an additional 691 shares during the period.

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.