Wolfspeed (NYSE:WOLF) Earns "Sell" Rating from Citigroup

Citigroup reaffirmed their sell rating on shares of Wolfspeed (NYSE:WOLF - Free Report) in a research note issued to investors on Friday, MarketBeat Ratings reports. Citigroup currently has a $3.00 price objective on the stock, down from their previous price objective of $7.00.

Several other equities analysts also recently commented on the company. Piper Sandler cut their target price on Wolfspeed from $18.00 to $10.00 and set an "overweight" rating for the company in a research report on Thursday, January 30th. The Goldman Sachs Group cut their target price on Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Canaccord Genuity Group cut their target price on Wolfspeed from $18.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday, January 30th. Susquehanna dropped their price target on Wolfspeed from $11.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, January 22nd. Finally, Bank of America dropped their price target on Wolfspeed from $9.50 to $6.00 and set an "underperform" rating for the company in a report on Thursday, January 30th. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, Wolfspeed has an average rating of "Hold" and a consensus target price of $11.15.

Wolfspeed Price Performance

Shares of Wolfspeed stock traded up $0.03 during midday trading on Friday, hitting $3.31. 29,352,805 shares of the company were exchanged, compared to its average volume of 14,698,286. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. The firm has a market cap of $422.09 million, a P/E ratio of -0.43 and a beta of 1.62. Wolfspeed has a 52 week low of $2.06 and a 52 week high of $30.86. The firm has a 50 day simple moving average of $3.83 and a 200-day simple moving average of $6.32.

Insider Activity

In other news, CFO Neill Reynolds sold 13,909 shares of Wolfspeed stock in a transaction on Monday, April 28th. The stock was sold at an average price of $3.99, for a total value of $55,496.91. Following the completion of the sale, the chief financial officer now directly 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 accessible through this hyperlink. Insiders own 0.84% of the company's stock.

Institutional Investors Weigh In On Wolfspeed

Institutional investors have recently made changes to their positions in the stock. Jones Financial Companies Lllp grew its stake in shares of Wolfspeed by 1,240.6% during the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock worth $26,000 after purchasing an additional 3,548 shares during the period. R Squared Ltd acquired a new stake in shares of Wolfspeed during the fourth quarter worth $28,000. Steward Partners Investment Advisory LLC grew its stake in shares of Wolfspeed by 192.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock worth $29,000 after purchasing an additional 2,912 shares during the period. KBC Group NV grew its stake in shares of Wolfspeed by 76.5% during the fourth quarter. KBC Group NV now owns 6,064 shares of the company's stock worth $40,000 after purchasing an additional 2,629 shares during the period. Finally, Allworth Financial LP grew its stake in shares of Wolfspeed by 38.1% during the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company's stock worth $44,000 after purchasing an additional 1,949 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.