Wolfspeed, Inc. (NYSE:WOLF) Receives Average Rating of "Hold" from Brokerages

Shares of Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) have been assigned a consensus recommendation of "Hold" from the fourteen ratings firms that are presently covering the company, MarketBeat reports. Four investment analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and four have given a buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $11.15.

A number of analysts have recently weighed in on WOLF shares. Piper Sandler dropped their price target on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating on the stock in a research report on Friday. Bank of America dropped their price target on Wolfspeed from $9.50 to $6.00 and set an "underperform" rating on the stock in a research report on Thursday, January 30th. Canaccord Genuity Group dropped their price target on Wolfspeed from $18.00 to $10.00 and set a "buy" rating on the stock in a research report on Thursday, January 30th. Citigroup reissued a "sell" rating and set a $3.00 price target (down previously from $7.00) on shares of Wolfspeed in a report on Friday. Finally, Susquehanna reduced their price target on shares of Wolfspeed from $11.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, January 22nd.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the firm's stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $3.99, for a total transaction of $55,496.91. Following the transaction, the chief financial officer now owns 195,257 shares of the company's stock, valued at approximately $779,075.43. This trade represents a 6.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Wolfspeed

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp boosted its stake in Wolfspeed by 1,240.6% during the 4th quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock valued at $26,000 after purchasing an additional 3,548 shares in the last quarter. R Squared Ltd acquired a new stake in Wolfspeed in the 4th quarter valued at about $28,000. N.E.W. Advisory Services LLC acquired a new stake in Wolfspeed in the 1st quarter valued at about $28,000. Steward Partners Investment Advisory LLC lifted its holdings in Wolfspeed by 192.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock valued at $29,000 after acquiring an additional 2,912 shares during the last quarter. Finally, Beacon Capital Management LLC acquired a new stake in Wolfspeed in the 1st quarter valued at about $31,000.

Wolfspeed Trading Down 26.2%

NYSE WOLF opened at $3.27 on Monday. Wolfspeed has a one year low of $2.06 and a one year high of $30.86. The company has a 50-day simple moving average of $3.87 and a 200-day simple moving average of $6.40. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The firm has a market capitalization of $417.62 million, a PE ratio of -0.43 and a beta of 1.62.

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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