Wolfspeed (NYSE:WOLF) Shares Gap Up – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $4.91, but opened at $5.17. Wolfspeed shares last traded at $5.00, with a volume of 2,189,798 shares changing hands.

Analyst Ratings Changes

Several analysts have commented on WOLF shares. Susquehanna reduced their price objective on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. StockNews.com raised Wolfspeed to a “sell” rating in a research note on Monday, January 6th. The Goldman Sachs Group reduced their price objective on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. JPMorgan Chase & Co. reduced their price objective on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Finally, Canaccord Genuity Group reduced their price objective on Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $17.21.

Wolfspeed Trading Down 2.9 %

The firm has a market cap of $609.19 million, a price-to-earnings ratio of -0.80 and a beta of 1.43. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. The business has a fifty day moving average of $8.11 and a two-hundred day moving average of $12.14.

Insider Buying and Selling

In related news, Chairman Thomas H. Werner bought 37,500 shares of the stock in a transaction on Wednesday, November 20th. The shares were purchased at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the acquisition, the chairman now owns 108,549 shares in the company, valued at $708,824.97. This represents a 52.78 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Darren R. Jackson bought 36,975 shares of the stock in a transaction on Wednesday, November 20th. The shares were bought at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the acquisition, the director now owns 85,996 shares in the company, valued at $581,332.96. The trade was a 75.43 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 78,067 shares of company stock worth $524,747 in the last quarter. Company insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

A number of large investors have recently bought and sold shares of WOLF. Primecap Management Co. CA lifted its stake in shares of 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 purchasing an additional 303,870 shares during the period. Two Sigma Advisers LP lifted its stake in shares of Wolfspeed by 813.6% during the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after purchasing an additional 2,189,500 shares during the period. Samlyn Capital LLC lifted its stake in shares of Wolfspeed by 51.6% during the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock worth $22,968,000 after purchasing an additional 343,277 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Wolfspeed by 2.5% during the 3rd 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 during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Wolfspeed by 1,158.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock worth $8,082,000 after purchasing an additional 766,971 shares during the period.

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.