Wolfspeed (NYSE:WOLF) Shares Up 8.5% on Insider Buying Activity

Wolfspeed, Inc. (NYSE:WOLF)’s share price shot up 8.5% during trading on Monday after an insider bought additional shares in the company. The stock traded as high as $9.16 and last traded at $9.16. 2,488,912 shares were traded during mid-day trading, a decline of 65% from the average session volume of 7,044,524 shares. The stock had previously closed at $8.44.

Specifically, Director Glenda Dorchak acquired 3,592 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was purchased at an average price of $8.33 per share, with a total value of $29,921.36. Following the completion of the purchase, the director now owns 18,688 shares in the company, valued at $155,671.04. This trade represents a 23.79 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Thomas H. Werner purchased 37,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average cost of $6.53 per share, with a total value of $244,875.00. Following the purchase, the chairman now directly owns 108,549 shares of the company’s stock, valued at $708,824.97. This trade represents a 52.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In other Wolfspeed news, Director Darren R. Jackson purchased 36,975 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was bought at an average price of $6.76 per share, with a total value of $249,951.00. Following the completion of the purchase, the director now directly owns 85,996 shares of the company’s stock, valued at $581,332.96. The trade was a 75.43 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target for the company. in a research note on Wednesday, August 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $18.00 price target (down previously from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. Canaccord Genuity Group lowered their price objective on Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. The Goldman Sachs Group lowered their price objective on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, Morgan Stanley raised their price objective on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Wolfspeed has an average rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Trading Up 17.8 %

The stock has a market cap of $1.27 billion, a P/E ratio of -1.67 and a beta of 1.46. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. The company has a 50-day moving average price of $10.74 and a two-hundred day moving average price of $16.60.

Hedge Funds Weigh In On Wolfspeed

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Wolfspeed by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after purchasing an additional 449,732 shares during the last quarter. Primecap Management Co. CA increased its position in shares of Wolfspeed by 5.0% during 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 grew its position in 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 acquiring an additional 2,189,500 shares during the last quarter. Bank of New York Mellon Corp grew its position in Wolfspeed by 14.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after acquiring an additional 147,527 shares during the last quarter. Finally, Samlyn Capital LLC grew its position in Wolfspeed by 51.6% in the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after acquiring an additional 343,277 shares during 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.