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

Wolfspeed, Inc. (NYSE:WOLF)’s share price reached a new 52-week low during trading on Thursday . The company traded as low as $5.89 and last traded at $5.92, with a volume of 28700733 shares traded. The stock had previously closed at $7.07.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Mizuho decreased their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a report on Tuesday, November 19th. JPMorgan Chase & Co. dropped their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Susquehanna lowered their price objective on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Canaccord Genuity Group dropped their price objective on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Finally, The Goldman Sachs Group reduced their target price on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Trading Down 16.3 %

The firm’s 50-day simple moving average is $8.58 and its 200 day simple moving average is $12.58. The stock has a market cap of $756.06 million, a P/E ratio of -0.99 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.

Insider Buying and Selling

In related news, Chairman Thomas H. Werner acquired 37,500 shares of Wolfspeed stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average price of $6.53 per share, with a total value of $244,875.00. Following the completion of the acquisition, the chairman now directly owns 108,549 shares of the company’s stock, valued at $708,824.97. This trade represents a 52.78 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Glenda Dorchak bought 3,592 shares of the stock in a transaction on Friday, November 22nd. The shares were bought at an average cost of $8.33 per share, for a total transaction of $29,921.36. Following the purchase, the director now owns 18,688 shares in the company, valued at $155,671.04. This trade represents a 23.79 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 78,067 shares of company stock valued at $524,747 in the last three months. 0.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors have recently added to or reduced their stakes in the company. Arizona State Retirement System raised its stake in shares of Wolfspeed by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock worth $802,000 after buying an additional 775 shares in the last quarter. Vontobel Holding Ltd. grew its holdings in Wolfspeed by 5.1% during the third quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company’s stock worth $364,000 after acquiring an additional 1,835 shares during the period. New York State Teachers Retirement System raised its position in Wolfspeed by 1.3% in the third quarter. New York State Teachers Retirement System now owns 145,284 shares of the company’s stock worth $1,409,000 after acquiring an additional 1,885 shares in the last quarter. ProShare Advisors LLC lifted its holdings in Wolfspeed by 9.3% in the 2nd quarter. ProShare Advisors LLC now owns 23,395 shares of the company’s stock valued at $532,000 after acquiring an additional 1,993 shares during the last quarter. Finally, Ensign Peak Advisors Inc boosted its position in shares of Wolfspeed by 5.9% during the 2nd quarter. Ensign Peak Advisors Inc now owns 42,501 shares of the company’s stock valued at $967,000 after purchasing an additional 2,350 shares in the last quarter.

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.