Wolfspeed, Inc. (NYSE:WOLF) Director Purchases $50,475.30 in Stock

Wolfspeed, Inc. (NYSE:WOLF) Director Marvin Riley bought 1,866 shares of the stock in a transaction on Tuesday, May 28th. The shares were acquired at an average cost of $27.05 per share, with a total value of $50,475.30. Following the purchase, the director now owns 13,297 shares of the company’s stock, valued at approximately $359,683.85. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wolfspeed Price Performance

WOLF stock traded up $0.68 during trading on Thursday, hitting $26.36. 281,276 shares of the company’s stock traded hands, compared to its average volume of 4,592,268. Wolfspeed, Inc. has a 52 week low of $20.63 and a 52 week high of $70.42. The company has a debt-to-equity ratio of 5.55, a current ratio of 4.58 and a quick ratio of 4.00. The business has a fifty day simple moving average of $26.12 and a 200 day simple moving average of $31.16.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.79) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.03. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. The firm had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.49 million. On average, equities analysts forecast that Wolfspeed, Inc. will post -3.13 EPS for the current year.

Institutional Investors Weigh In On Wolfspeed

Hedge funds have recently bought and sold shares of the stock. TFO Wealth Partners LLC lifted its holdings in Wolfspeed by 57,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after purchasing an additional 574 shares in the last quarter. Independence Bank of Kentucky lifted its holdings in Wolfspeed by 97.0% in the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after acquiring an additional 350 shares during the last quarter. Rakuten Securities Inc. acquired a new stake in shares of Wolfspeed during the 4th quarter worth about $48,000. Fifth Third Bancorp boosted its holdings in Wolfspeed by 56.9% during the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock valued at $37,000 after acquiring an additional 452 shares during the period. Finally, GAMMA Investing LLC acquired a new stake in shares of Wolfspeed during the fourth quarter worth about $56,000.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. Deutsche Bank Aktiengesellschaft cut their target price on Wolfspeed from $30.00 to $25.00 and set a “hold” rating on the stock in a report on Tuesday, May 7th. Piper Sandler decreased their price target on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, February 1st. Canaccord Genuity Group cut their price objective on Wolfspeed from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. Finally, William Blair cut Wolfspeed from an “outperform” rating to a “market perform” rating in a report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Wolfspeed presently has an average rating of “Hold” and an average target price of $36.29.

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.