Wolfspeed (NYSE:WOLF) Trading Down 9.3% - Should You Sell?

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) shares fell 9.3% during trading on Wednesday . The stock traded as low as $6.40 and last traded at $6.41. 4,148,227 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 11,170,124 shares. The stock had previously closed at $7.07.

Analysts Set New Price Targets

A number of research analysts recently issued reports on WOLF shares. StockNews.com raised shares of Wolfspeed to a "sell" rating in a research report on Monday. Mizuho dropped their price target on shares of Wolfspeed from $10.00 to $6.00 and set an "underperform" rating on the stock in a report on Tuesday, November 19th. Susquehanna reduced their price objective on Wolfspeed from $16.00 to $11.00 and set a "neutral" rating for the company in a research report on Thursday, November 7th. Roth Mkm dropped their price target on shares of Wolfspeed from $25.00 to $20.00 and set a "buy" rating on the stock in a research note on Thursday, November 7th. Finally, Morgan Stanley upped their price objective on Wolfspeed from $10.00 to $15.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 16th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $17.21.

Wolfspeed Stock Down 16.3 %

The stock has a market cap of $756.06 million, a PE ratio of -0.99 and a beta of 1.43. The business has a 50 day moving average price of $8.76 and a 200 day moving average price of $12.63. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82.

Insiders Place Their Bets

In related news, Director Darren R. Jackson purchased 36,975 shares of Wolfspeed stock in a transaction dated Wednesday, November 20th. The shares were acquired at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the acquisition, the director now directly owns 85,996 shares in the company, valued at approximately $581,332.96. The trade was a 75.43 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Glenda Dorchak acquired 3,592 shares of the firm's stock in a transaction that occurred on Friday, November 22nd. The stock was acquired at an average price of $8.33 per share, for a total transaction of $29,921.36. Following the completion of the acquisition, the director now directly owns 18,688 shares of the company's stock, valued at $155,671.04. The trade was a 23.79 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 78,067 shares of company stock worth $524,747. Company insiders own 0.84% of the company's stock.

Institutional Trading of Wolfspeed

Several hedge funds have recently modified their holdings of the stock. Eastern Bank acquired a new stake in shares of Wolfspeed during the 3rd quarter worth about $27,000. GAMMA Investing LLC grew its position in Wolfspeed by 416.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company's stock worth $44,000 after purchasing an additional 3,664 shares during the last quarter. Asset Management One Co. Ltd. grew its holdings in shares of Wolfspeed by 69.0% during the third quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company's stock worth $69,000 after buying an additional 2,885 shares during the last quarter. Ground Swell Capital LLC purchased a new stake in Wolfspeed during the 3rd quarter valued at approximately $99,000. Finally, US Bancorp DE lifted its holdings in shares of Wolfspeed by 225.9% during the third quarter. US Bancorp DE now owns 11,343 shares of the company's stock worth $110,000 after purchasing an additional 7,863 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.