Shares of Wolfspeed, Inc. (NYSE:WOLF – Get Free Report) gapped down before the market opened on Friday after Morgan Stanley lowered their price target on the stock from $23.00 to $15.00. The stock had previously closed at $13.23, but opened at $12.79. Morgan Stanley currently has an equal weight rating on the stock. Wolfspeed shares last traded at $12.72, with a volume of 680,201 shares.
WOLF has been the subject of several other reports. William Blair cut shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 2nd. Citigroup lowered their price target on Wolfspeed from $29.00 to $25.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. TD Cowen downgraded Wolfspeed from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $40.00 to $25.00 in a report on Thursday, May 2nd. New Street Research cut Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price for the company. in a report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on Wolfspeed from $30.00 to $25.00 and set a “hold” rating on the stock in a research note on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $33.73.
Insider Transactions at Wolfspeed
In other news, Director Marvin Riley bought 1,866 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was bought at an average price of $27.05 per share, with a total value of $50,475.30. Following the completion of the transaction, the director now directly owns 13,297 shares of the company’s stock, valued at approximately $359,683.85. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.62% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the business. Lazard Asset Management LLC lifted its position in Wolfspeed by 292,375.0% during the first quarter. Lazard Asset Management LLC now owns 70,194 shares of the company’s stock valued at $2,070,000 after purchasing an additional 70,170 shares during the period. Vanguard Group Inc. boosted its position in Wolfspeed by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after purchasing an additional 449,732 shares in the last quarter. Boston Partners acquired a new stake in shares of Wolfspeed during the 1st quarter worth approximately $1,621,000. Victory Capital Management Inc. grew its stake in shares of Wolfspeed by 17.7% during the 4th quarter. Victory Capital Management Inc. now owns 26,973 shares of the company’s stock worth $1,174,000 after purchasing an additional 4,052 shares during the period. Finally, Artisan Partners Limited Partnership increased its holdings in shares of Wolfspeed by 15.5% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock valued at $114,261,000 after purchasing an additional 352,609 shares in the last quarter.
Wolfspeed Stock Performance
The firm’s 50 day moving average is $21.40 and its 200-day moving average is $24.88. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of -1.89 and a beta of 1.60. The company has a debt-to-equity ratio of 5.55, a quick ratio of 4.00 and a current ratio of 4.58.
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.