Shares of Wolfspeed, Inc. (NYSE:WOLF – Get Free Report) were down 4.7% during trading on Thursday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $17.00 to $14.00. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock. Wolfspeed traded as low as $12.47 and last traded at $12.88. Approximately 1,108,754 shares traded hands during trading, a decline of 76% from the average daily volume of 4,593,733 shares. The stock had previously closed at $13.51.
Other equities research analysts have also issued research reports about the stock. Roth Mkm restated a “buy” rating and issued a $50.00 target price on shares of Wolfspeed in a report on Tuesday, April 30th. Mizuho dropped their target price on Wolfspeed from $28.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday. Piper Sandler cut their target price on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday. The Goldman Sachs Group lowered their price target on Wolfspeed from $48.00 to $28.00 and set a “buy” rating for the company in a research report on Thursday. Finally, William Blair downgraded shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $27.53.
Insider Activity
In related news, Director Marvin Riley purchased 1,866 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were bought at an average price of $27.05 per share, with a total value of $50,475.30. Following the acquisition, the director now owns 13,297 shares of the company’s stock, valued at approximately $359,683.85. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.62% of the company’s stock.
Institutional Investors Weigh In On Wolfspeed
Large investors have recently added to or reduced their stakes in the company. TFO Wealth Partners LLC lifted its position in shares of Wolfspeed by 57,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after acquiring an additional 574 shares in the last quarter. Mather Group LLC. boosted its stake in Wolfspeed by 385.5% in the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after purchasing an additional 933 shares during the period. Fifth Third Bancorp grew its holdings in Wolfspeed by 56.9% during the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock valued at $37,000 after buying an additional 452 shares in the last quarter. GAMMA Investing LLC bought a new stake in Wolfspeed during the 4th quarter worth approximately $56,000. Finally, Advisors Asset Management Inc. lifted its stake in Wolfspeed by 64.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after purchasing an additional 691 shares in the last quarter.
Wolfspeed Stock Performance
The stock has a market capitalization of $1.61 billion, a P/E ratio of -2.02 and a beta of 1.60. The company’s fifty day simple moving average is $20.16 and its 200 day simple moving average is $24.32. The company has a current ratio of 4.58, a quick ratio of 4.00 and a debt-to-equity ratio of 5.55.
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.