Wolfspeed (NYSE:WOLF) Stock Price Up 8.5% After Insider Buying Activity

Wolfspeed, Inc. (NYSE:WOLF) rose 8.5% during trading 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 business’s stock in a transaction that occurred on Friday, November 22nd. The shares were bought at an average price of $8.33 per share, with a total value of $29,921.36. Following the completion of the transaction, the director now directly owns 18,688 shares in the company, valued at approximately $155,671.04. This represents a 23.79 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Thomas H. Werner acquired 37,500 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were bought at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the purchase, the chairman now owns 108,549 shares in the company, valued at approximately $708,824.97. This represents a 52.78 % increase in their position. The disclosure for this purchase can be found here. In other news, Director Darren R. Jackson purchased 36,975 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were bought at an average cost of $6.76 per share, with a total value of $249,951.00. Following the completion of the transaction, the director now directly owns 85,996 shares of the company’s stock, valued at approximately $581,332.96. This trade represents a 75.43 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.

Analyst Ratings Changes

Several equities analysts have commented on WOLF shares. Bank of America dropped their target price on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research report on Friday, August 23rd. 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 research report on Wednesday, August 7th. Piper Sandler reiterated an “overweight” rating and set a $18.00 target price (down from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. JPMorgan Chase & Co. reduced their price target on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group lowered their price objective on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Wolfspeed currently has a consensus rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Trading Up 18.5 %

The stock has a 50 day moving average of $10.70 and a 200 day moving average of $16.71. 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 cap of $1.28 billion, a P/E ratio of -1.62 and a beta of 1.46.

Hedge Funds Weigh In On Wolfspeed

A number of large investors have recently modified their holdings of WOLF. Mather Group LLC. raised its stake in shares of Wolfspeed by 385.5% during the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after acquiring an additional 933 shares in the last quarter. Eastern Bank bought a new stake in Wolfspeed in the third quarter worth $27,000. GAMMA Investing LLC grew its stake in shares of Wolfspeed by 416.4% during the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after buying an additional 3,664 shares during the last quarter. Signaturefd LLC increased its holdings in shares of Wolfspeed by 284.3% in the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after buying an additional 1,544 shares during the period. Finally, Advisors Asset Management Inc. lifted its stake in shares of Wolfspeed by 64.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock valued at $52,000 after acquiring an additional 691 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.