Wolfspeed (NYSE:WOLF) Trading Up 8.5% Following Insider Buying Activity

Shares of Wolfspeed, Inc. (NYSE:WOLF) traded up 8.5% during mid-day trading on Monday following insider buying activity. The company traded as high as $9.16 and last traded at $9.16. 2,488,912 shares were traded during trading, a decline of 65% from the average session volume of 7,044,524 shares. The stock had previously closed at $8.44.

Specifically, Director Glenda Dorchak acquired 3,592 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were purchased 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 owns 18,688 shares of the company’s stock, valued at approximately $155,671.04. This represents a 23.79 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Thomas H. Werner purchased 37,500 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were bought at an average price of $6.53 per share, with a total value of $244,875.00. Following the purchase, the chairman now owns 108,549 shares in the company, valued at $708,824.97. This represents a 52.78 % increase in their position. The disclosure for this purchase can be found here. In other news, Director Darren R. Jackson bought 36,975 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was purchased at an average price of $6.76 per share, with a total value of $249,951.00. Following the transaction, 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 acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Analysts Set New Price Targets

Several research firms recently weighed in on WOLF. Deutsche Bank Aktiengesellschaft cut their price objective on Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. Piper Sandler reiterated an “overweight” rating and set a $18.00 price target (down from $20.00) on shares of Wolfspeed in a report on Thursday, November 7th. Mizuho lowered their price objective on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 19th. JPMorgan Chase & Co. cut their target price on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Finally, Morgan Stanley increased their price target on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Stock Performance

The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of -1.49 and a beta of 1.46. The stock has a fifty day moving average price of $10.74 and a 200-day moving average price of $16.60.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Primecap Management Co. CA grew its holdings in Wolfspeed by 5.0% during the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after acquiring an additional 303,870 shares during the last quarter. Two Sigma Advisers LP grew its holdings in shares of Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after buying an additional 2,189,500 shares during the period. Bank of New York Mellon Corp increased its stake in Wolfspeed by 14.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock worth $26,796,000 after purchasing an additional 147,527 shares in the last quarter. Samlyn Capital LLC raised its stake in shares of Wolfspeed by 51.6% in the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after purchasing an additional 343,277 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Wolfspeed by 2.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock worth $8,451,000 after purchasing an additional 21,143 shares in 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.