Thomas H. Werner Acquires 37,500 Shares of Wolfspeed, Inc. (NYSE:WOLF) Stock

Wolfspeed, Inc. (NYSE:WOLF) Chairman Thomas H. Werner acquired 37,500 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was purchased at an average cost of $6.53 per share, with a total value of $244,875.00. Following the transaction, the chairman now owns 108,549 shares in the company, valued at approximately $708,824.97. This trade represents a 52.78 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink.

Wolfspeed Trading Up 31.0 %

WOLF opened at $8.44 on Friday. 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 current ratio of 3.14 and a quick ratio of 2.54. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of -1.42 and a beta of 1.46. The company’s 50 day moving average price is $10.71 and its two-hundred day moving average price is $16.94.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $200.70 million for the quarter, compared to the consensus estimate of $201.11 million. As a group, research analysts predict that Wolfspeed, Inc. will post -4.13 earnings per share for the current year.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors have recently added to or reduced their stakes in WOLF. Two Sigma Advisers LP grew its holdings in Wolfspeed by 813.6% during 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. Primecap Management Co. CA grew its holdings in Wolfspeed by 15.3% during the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock worth $137,591,000 after acquiring an additional 800,540 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings 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 worth $8,082,000 after acquiring an additional 766,971 shares during the last quarter. Vanguard Group Inc. grew its holdings in Wolfspeed by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after acquiring an additional 449,732 shares during the last quarter. Finally, Erste Asset Management GmbH bought a new stake in shares of Wolfspeed in the 3rd quarter valued at $4,542,000.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on WOLF. Mizuho decreased their price objective on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research report on Tuesday. Morgan Stanley lifted their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Bank of America dropped their price objective on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research note on Friday, August 23rd. The Goldman Sachs Group dropped their price objective on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Two research 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, the company currently has an average rating of “Hold” and an average target price of $17.21.

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.