Stifel Financial Corp Sells 82,608 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Stifel Financial Corp reduced its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 75.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,842 shares of the company’s stock after selling 82,608 shares during the quarter. Stifel Financial Corp’s holdings in Wolfspeed were worth $260,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Primecap Management Co. CA grew its stake in Wolfspeed by 15.3% during the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock worth $137,591,000 after buying an additional 800,540 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in Wolfspeed by 1,158.0% in 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 acquiring an additional 766,971 shares in the last quarter. Erste Asset Management GmbH bought a new position in shares of Wolfspeed in the third quarter worth about $4,542,000. Iridian Asset Management LLC CT increased its holdings in shares of Wolfspeed by 319.9% in the third quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after purchasing an additional 397,057 shares in the last quarter. Finally, Samlyn Capital LLC raised 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 worth $22,968,000 after purchasing an additional 343,277 shares during the last quarter.

Wolfspeed Stock Performance

Shares of WOLF opened at $7.29 on Monday. The firm 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 twelve month low of $6.10 and a twelve month high of $46.18. 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 50 day moving average price is $9.92 and its two-hundred day moving average price is $13.68.

Insider Activity at Wolfspeed

In other Wolfspeed news, Chairman Thomas H. Werner acquired 37,500 shares of the stock in a transaction dated Wednesday, November 20th. The shares were bought at an average cost of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the acquisition, the chairman now directly owns 108,549 shares of the company’s stock, valued at approximately $708,824.97. This trade represents a 52.78 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Darren R. Jackson acquired 36,975 shares of the stock in a transaction dated Wednesday, November 20th. The stock was acquired at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the completion of 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 ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 78,067 shares of company stock valued at $524,747. 0.84% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. dropped their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Morgan Stanley lifted their price target on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Canaccord Genuity Group cut their price objective on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Piper Sandler reiterated an “overweight” rating and set a $18.00 target price (down previously from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group dropped their price objective on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a 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 issued a buy rating to the company. According to data from MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and an average price target of $17.21.

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.