Wolfspeed (NYSE:WOLF) Shares Up 8.5% on Insider Buying Activity

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

Specifically, Director Glenda Dorchak bought 3,592 shares of the stock in a transaction on Friday, November 22nd. The stock was acquired at an average cost of $8.33 per share, for a total transaction of $29,921.36. Following the acquisition, the director now owns 18,688 shares of the company’s stock, valued at $155,671.04. This represents a 23.79 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Thomas H. Werner acquired 37,500 shares of the firm’s stock in a transaction that occurred on 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 completion of the purchase, the chairman now directly owns 108,549 shares in the company, valued at $708,824.97. The trade was a 52.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In related news, Director Darren R. Jackson acquired 36,975 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the purchase, the director now directly owns 85,996 shares of the company’s stock, valued at $581,332.96. This trade represents a 75.43 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link.

Analyst Ratings Changes

Several research analysts recently issued reports on WOLF shares. TD Cowen reduced their target price on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. JPMorgan Chase & Co. cut their price objective on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Mizuho cut their price objective on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a report on Tuesday, November 19th. The Goldman Sachs Group dropped their target price on Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Finally, Morgan Stanley raised their price objective on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Wolfspeed currently has an average rating of “Hold” and an average target price of $17.21.

Wolfspeed Trading Up 17.8 %

The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of -1.67 and a beta of 1.46. 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 company has a 50-day moving average price of $10.74 and a 200-day moving average price of $16.60.

Institutional Trading of Wolfspeed

A number of large investors have recently made changes to their positions in WOLF. Iridian Asset Management LLC CT lifted its position in 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 acquiring an additional 397,057 shares during the period. Primecap Management Co. CA increased its stake in Wolfspeed by 5.0% in the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock valued at $61,587,000 after purchasing an additional 303,870 shares in the last quarter. Principal Financial Group Inc. increased its stake in Wolfspeed by 41.4% in the 3rd 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 in the last quarter. Lazard Asset Management LLC grew its holdings in Wolfspeed by 292,375.0% during the 1st quarter. Lazard Asset Management LLC now owns 70,194 shares of the company’s stock valued at $2,070,000 after buying an additional 70,170 shares during the last quarter. Finally, Rheos Capital Works Inc. grew its holdings in Wolfspeed by 140.8% during the 3rd quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock valued at $4,147,000 after buying an additional 250,000 shares during 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.