Zurcher Kantonalbank Zurich Cantonalbank lowered its position in shares of Wolfspeed, Inc. (NYSE:WOLF – Free Report) by 86.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,899 shares of the company’s stock after selling 196,346 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Wolfspeed were worth $309,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of the business. Primecap Management Co. CA boosted 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 worth $61,587,000 after acquiring an additional 303,870 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Wolfspeed by 14.3% in the second quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after purchasing an additional 147,527 shares in the last quarter. Samlyn Capital LLC increased its stake in Wolfspeed by 51.6% in the second quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after purchasing an additional 343,277 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Wolfspeed by 2.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock worth $8,451,000 after purchasing an additional 21,143 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted 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 worth $8,082,000 after buying an additional 766,971 shares during the last quarter.
Wall Street Analysts Forecast Growth
A number of research analysts recently issued reports on WOLF shares. The Goldman Sachs Group dropped their price target on Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Bank of America reduced their price target on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research report on Friday, August 23rd. Roth Mkm lowered their price objective on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. TD Cowen reduced their target price on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. Finally, JPMorgan Chase & Co. lowered their price target on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. 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 MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $17.21.
Insider Activity at Wolfspeed
In other news, Director Glenda Dorchak acquired 3,592 shares of Wolfspeed stock in a transaction that occurred on Friday, November 22nd. The stock was purchased at an average cost of $8.33 per share, with a total value of $29,921.36. Following the completion of the acquisition, 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Darren R. Jackson bought 36,975 shares of the stock in a transaction on Wednesday, November 20th. The stock was purchased at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the acquisition, 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 disclosure for this purchase can be found here. Insiders purchased 78,067 shares of company stock worth $524,747 over the last 90 days. Company insiders own 0.84% of the company’s stock.
Wolfspeed Price Performance
Shares of NYSE WOLF opened at $9.45 on Monday. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. Wolfspeed, Inc. has a one year low of $6.10 and a one year high of $47.43. The firm has a market capitalization of $1.21 billion, a P/E ratio of -1.59 and a beta of 1.38. The company’s fifty day moving average is $10.92 and its two-hundred day moving average is $15.60.
Wolfspeed 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.
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