Wolfspeed (NYSE:WOLF) Trading Down 8.9% – Should You Sell?

Wolfspeed, Inc. (NYSE:WOLF) shares traded down 8.9% during mid-day trading on Monday . The company traded as low as $24.20 and last traded at $23.98. 681,147 shares were traded during trading, a decline of 89% from the average session volume of 6,028,695 shares. The stock had previously closed at $26.32.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Susquehanna boosted their price objective on Wolfspeed to $30.00 and gave the company a “neutral” rating in a report on Wednesday, October 22nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Wolfspeed in a report on Saturday, September 27th. Finally, Wall Street Zen upgraded Wolfspeed from a “sell” rating to a “hold” rating in a report on Monday. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $11.78.

Wolfspeed Stock Down 5.6%

The business has a 50 day moving average price of $15.48 and a 200 day moving average price of $6.68.

Hedge Funds Weigh In On Wolfspeed

Hedge funds have recently bought and sold shares of the business. N.E.W. Advisory Services LLC purchased a new position in Wolfspeed during the first quarter worth approximately $28,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Wolfspeed during the second quarter valued at approximately $28,000. Caitlin John LLC acquired a new position in shares of Wolfspeed during the second quarter valued at approximately $31,000. Wealthfront Advisers LLC acquired a new position in shares of Wolfspeed during the first quarter valued at approximately $32,000. Finally, MAI Capital Management raised its holdings in shares of Wolfspeed by 894.9% during the first quarter. MAI Capital Management now owns 10,815 shares of the company’s stock valued at $33,000 after acquiring an additional 9,728 shares during the last quarter.

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.