Wolfspeed, Inc. (NYSE:WOLF) Director Darren R. Jackson Acquires 36,975 Shares

Wolfspeed, Inc. (NYSE:WOLF) Director Darren R. Jackson acquired 36,975 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were 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 in the company, valued at approximately $581,332.96. This trade represents a 75.43 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wolfspeed Trading Up 16.3 %

NYSE WOLF traded up $1.05 on Friday, reaching $7.49. The stock had a trading volume of 9,257,478 shares, compared to its average volume of 6,955,929. The firm has a market capitalization of $956.55 million, a price-to-earnings ratio of -1.19 and a beta of 1.46. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. The stock has a fifty day moving average price of $10.71 and a two-hundred day moving average price of $16.94. Wolfspeed, Inc. has a 12-month low of $6.10 and a 12-month high of $47.43.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. The company had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. As a group, sell-side analysts forecast that Wolfspeed, Inc. will post -4.13 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on WOLF shares. The Goldman Sachs Group dropped their price target on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. New Street Research cut Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price objective on the stock. in a report on Wednesday, August 7th. Bank of America decreased their target price on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research report on Friday, August 23rd. Susquehanna lowered their price target on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Finally, Morgan Stanley raised their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Two 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.21.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Wolfspeed by 3.6% during the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after buying an additional 449,732 shares during the period. Primecap Management Co. CA increased its position in shares of 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 during the last quarter. Two Sigma Advisers LP raised its holdings in shares of Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after purchasing an additional 2,189,500 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Wolfspeed by 14.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock worth $26,796,000 after purchasing an additional 147,527 shares during the last quarter. Finally, Samlyn Capital LLC grew its stake in shares of Wolfspeed by 51.6% during the second 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 in 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.