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

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

Wall Street Analyst Weigh In

WOLF has been the subject of a number of research reports. Canaccord Genuity Group decreased their target price on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Susquehanna cut their price objective on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Piper Sandler reissued an “overweight” rating and set a $18.00 price objective (down previously from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. StockNews.com raised shares of Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Finally, Roth Mkm cut their price objective on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $17.07.

Wolfspeed Price Performance

The company has a market cap of $798.70 million, a P/E ratio of -1.05 and a beta of 1.43. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. The firm’s fifty day moving average is $7.70 and its two-hundred day moving average is $11.74.

Insiders Place Their Bets

In related news, Chairman Thomas H. Werner purchased 37,500 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were acquired at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the purchase, the chairman now directly owns 108,549 shares in the company, valued at $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 Securities & Exchange Commission, which is available through this link. Also, Director Darren R. Jackson purchased 36,975 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was bought at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the purchase, the director now owns 85,996 shares in the company, valued at approximately $581,332.96. This represents a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 78,067 shares of company stock worth $524,747 in the last 90 days. 0.84% of the stock is currently owned by corporate insiders.

Institutional Trading of Wolfspeed

Several hedge funds have recently made changes to their positions in WOLF. Two Sigma Advisers LP raised its position in shares of Wolfspeed by 813.6% during the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after buying an additional 2,189,500 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of 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 in the last quarter. Erste Asset Management GmbH purchased a new stake in shares of Wolfspeed during the 3rd quarter valued at about $4,542,000. Iridian Asset Management LLC CT raised its position in shares of 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 in the last quarter. Finally, Samlyn Capital LLC raised its position in shares of 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 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.