Wolfspeed, Inc. (NYSE:WOLF) Director Purchases $29,921.36 in Stock

Wolfspeed, Inc. (NYSE:WOLF) Director Glenda Dorchak bought 3,592 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was bought at an average cost of $8.33 per share, with a total value of $29,921.36. Following the completion of the acquisition, the director now owns 18,688 shares in the company, valued at $155,671.04. This represents a 23.79 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Wolfspeed Trading Up 11.7 %

WOLF traded up $0.99 during trading on Monday, reaching $9.43. 7,731,974 shares of the company’s stock were exchanged, compared to its average volume of 7,060,948. The company’s fifty day moving average price is $10.70 and its 200-day moving average price is $16.71. The firm has a market capitalization of $1.20 billion, a PE ratio of -1.54 and a beta of 1.46. Wolfspeed, Inc. has a fifty-two week low of $6.10 and a fifty-two week high of $47.43. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14.

Analyst Ratings Changes

WOLF has been the subject of several recent analyst reports. TD Cowen dropped their price objective on Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Canaccord Genuity Group dropped their target price on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Mizuho reduced their price target on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 19th. New Street Research lowered shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price objective for the company. in a report on Wednesday, August 7th. Finally, Piper Sandler reissued an “overweight” rating and issued a $18.00 target price (down from $20.00) on shares of Wolfspeed in a report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Wolfspeed presently has an average rating of “Hold” and a consensus target price of $17.21.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Iridian Asset Management LLC CT grew its position in shares of Wolfspeed by 319.9% during the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after buying an additional 397,057 shares during the period. Primecap Management Co. CA boosted its stake 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. Principal Financial Group Inc. grew its holdings in Wolfspeed by 41.4% during the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after purchasing an additional 173,409 shares during the period. Lazard Asset Management LLC increased its stake in Wolfspeed by 292,375.0% in 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 in the last quarter. Finally, Rheos Capital Works Inc. raised its holdings in Wolfspeed by 140.8% in the third quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock worth $4,147,000 after purchasing an additional 250,000 shares during the period.

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.