Wolfspeed (NYSE:WOLF) Trading 5.5% Higher – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF) was up 5.5% during mid-day trading on Friday . The stock traded as high as $7.23 and last traded at $7.13. Approximately 4,556,732 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 20,528,352 shares. The stock had previously closed at $6.76.

Analysts Set New Price Targets

Several analysts recently issued reports on WOLF shares. StockNews.com raised Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Susquehanna cut their target price on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Mizuho cut their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 19th. Canaccord Genuity Group cut their target price on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group cut their target price on Wolfspeed from $19.00 to $17.00 and set a “buy” rating on the stock in a research note on Thursday. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and a consensus target price of $17.07.

Wolfspeed Stock Down 7.5 %

The company’s fifty day moving average price is $7.70 and its 200-day moving average price is $11.74. The stock has a market capitalization of $798.70 million, a PE ratio of -1.05 and a beta of 1.43. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82.

Insider Activity

In other news, Director Glenda Dorchak acquired 3,592 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was bought at an average cost of $8.33 per share, for a total transaction of $29,921.36. Following the acquisition, the director now directly owns 18,688 shares in the company, valued at approximately $155,671.04. The trade was a 23.79 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 price of $6.76 per share, with a total value of $249,951.00. Following the completion of 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 ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 78,067 shares of company stock worth $524,747. Insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds have recently added to or reduced their stakes in WOLF. Two Sigma Advisers LP raised its holdings in Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after acquiring an additional 2,189,500 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in 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 valued at $8,082,000 after buying an additional 766,971 shares during the last quarter. Erste Asset Management GmbH purchased a new stake in Wolfspeed during the 3rd quarter valued at $4,542,000. Iridian Asset Management LLC CT raised its stake in Wolfspeed by 319.9% during the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after buying an additional 397,057 shares during the last quarter. Finally, Samlyn Capital LLC raised its stake in Wolfspeed by 51.6% during the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after buying an additional 343,277 shares during the last quarter.

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.