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

Shares of Wolfspeed, Inc. (NYSE:WOLF) traded 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 changed hands 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 firm’s stock in a transaction on Friday, November 22nd. The shares were purchased at an average cost of $8.33 per share, for a total transaction of $29,921.36. Following the completion of the acquisition, the director now directly owns 18,688 shares in the company, valued at approximately $155,671.04. This trade represents a 23.79 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Thomas H. Werner purchased 37,500 shares of Wolfspeed stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average price of $6.53 per share, with a total value of $244,875.00. Following the completion of 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 disclosure for this purchase can be found here. In other Wolfspeed news, Director Darren R. Jackson bought 36,975 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were purchased at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the transaction, the director now directly owns 85,996 shares in the company, valued at approximately $581,332.96. This trade represents a 75.43 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on WOLF shares. Roth Mkm dropped their target price 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. Piper Sandler restated an “overweight” rating and set a $18.00 price objective (down from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. Susquehanna decreased their target price on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. TD Cowen decreased their price target on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, August 22nd. Finally, Morgan Stanley increased their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Wolfspeed currently has an average rating of “Hold” and an average price target of $17.21.

Wolfspeed Stock Performance

The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of -1.49 and a beta of 1.46. The stock has a 50 day moving average of $10.74 and a 200 day moving average of $16.60. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently bought and sold shares of WOLF. Mather Group LLC. increased its stake in shares of Wolfspeed by 385.5% in the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after acquiring an additional 933 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in Wolfspeed by 64.8% during the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after purchasing an additional 691 shares during the last quarter. Signaturefd LLC increased its position in shares of Wolfspeed by 284.3% during the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after acquiring an additional 1,544 shares during the last quarter. Eastern Bank bought a new stake in shares of Wolfspeed during the 3rd quarter worth $27,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Wolfspeed during the 2nd quarter valued at approximately $75,000.

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.