Wolfspeed (NYSE:WOLF) Sets New 1-Year Low at $23.11

Shares of Wolfspeed, Inc. (NYSE:WOLF) reached a new 52-week low on Friday . The stock traded as low as $23.11 and last traded at $23.58, with a volume of 312866 shares trading hands. The stock had previously closed at $23.72.

Wall Street Analyst Weigh In

Several research firms recently weighed in on WOLF. JPMorgan Chase & Co. decreased their price objective on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. Susquehanna reiterated a “neutral” rating and issued a $35.00 target price on shares of Wolfspeed in a research note on Monday, April 8th. Piper Sandler cut their target price on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, February 1st. Mizuho began coverage on Wolfspeed in a research note on Friday, April 5th. They issued a “neutral” rating and a $30.00 target price on the stock. Finally, Wells Fargo & Company reiterated an “equal weight” rating and issued a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a research note on Wednesday, April 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $43.63.

Wolfspeed Price Performance

The stock has a fifty day simple moving average of $27.07 and a 200-day simple moving average of $32.72. The company has a debt-to-equity ratio of 4.50, a current ratio of 5.13 and a quick ratio of 4.58.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. The company had revenue of $208.40 million during the quarter, compared to the consensus estimate of $205.94 million. On average, sell-side analysts anticipate that Wolfspeed, Inc. will post -3.05 EPS for the current year.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, Director Darren R. Jackson bought 10,000 shares of Wolfspeed stock in a transaction dated Friday, February 2nd. The stock was acquired at an average cost of $25.80 per share, with a total value of $258,000.00. Following the purchase, the director now directly owns 49,021 shares in the company, valued at approximately $1,264,741.80. The acquisition was disclosed in a filing with the SEC, which is available at this link. 0.62% of the stock is currently owned by corporate insiders.

Institutional Trading of Wolfspeed

Several large investors have recently made changes to their positions in the company. State of Michigan Retirement System increased its position in shares of Wolfspeed by 3.0% during the first quarter. State of Michigan Retirement System now owns 30,922 shares of the company’s stock worth $912,000 after purchasing an additional 900 shares in the last quarter. Sunbelt Securities Inc. increased its position in shares of Wolfspeed by 34.7% during the first quarter. Sunbelt Securities Inc. now owns 2,724 shares of the company’s stock worth $80,000 after purchasing an additional 702 shares in the last quarter. Doliver Advisors LP increased its position in shares of Wolfspeed by 11.4% during the first quarter. Doliver Advisors LP now owns 15,320 shares of the company’s stock worth $452,000 after purchasing an additional 1,563 shares in the last quarter. Perpetual Ltd increased its stake in shares of Wolfspeed by 52.1% in the 1st quarter. Perpetual Ltd now owns 35,043 shares of the company’s stock worth $1,002,000 after acquiring an additional 12,000 shares during the last quarter. Finally, Green Alpha Advisors LLC increased its stake in shares of Wolfspeed by 2.6% in the 1st quarter. Green Alpha Advisors LLC now owns 26,142 shares of the company’s stock worth $771,000 after acquiring an additional 662 shares during 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.