Wolfspeed, Inc. (NYSE:WOLF) Stake Decreased by Geode Capital Management LLC

Geode Capital Management LLC cut its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 2.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,012,185 shares of the company’s stock after selling 54,368 shares during the period. Geode Capital Management LLC owned approximately 1.58% of Wolfspeed worth $19,524,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in WOLF. Signaturefd LLC boosted its position in Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after acquiring an additional 1,544 shares during the period. Eastern Bank acquired a new stake in Wolfspeed in the third quarter worth about $27,000. GAMMA Investing LLC grew its position in Wolfspeed by 416.4% in the 3rd 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 in the last quarter. Asset Management One Co. Ltd. increased its stake in Wolfspeed by 69.0% during the 3rd quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock valued at $69,000 after buying an additional 2,885 shares during the period. Finally, Quest Partners LLC raised its position in shares of Wolfspeed by 264.9% during the 2nd quarter. Quest Partners LLC now owns 9,127 shares of the company’s stock worth $208,000 after buying an additional 6,626 shares in the last quarter.

Insiders Place Their Bets

In related news, Chairman Thomas H. Werner purchased 37,500 shares of Wolfspeed stock in a transaction dated 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 completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Darren R. Jackson purchased 36,975 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were bought at an average price of $6.76 per share, with a total value of $249,951.00. Following the completion of the acquisition, the director now owns 85,996 shares of the company’s stock, valued at $581,332.96. This trade represents a 75.43 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 78,067 shares of company stock worth $524,747. Corporate insiders own 0.84% of the company’s stock.

Wolfspeed Stock Performance

Wolfspeed stock opened at $7.29 on Friday. 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 company has a market cap of $931.03 million, a P/E ratio of -1.23 and a beta of 1.38. Wolfspeed, Inc. has a fifty-two week low of $6.10 and a fifty-two week high of $46.18. The firm’s 50 day simple moving average is $9.92 and its 200-day simple moving average is $13.79.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Susquehanna decreased their price objective on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Mizuho decreased their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday, November 19th. Morgan Stanley boosted their price objective on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group decreased their target price on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $18.00 price target (down from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. Two equities research 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. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $17.21.

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.