Wolfspeed, Inc. (NYSE:WOLF) Director Purchases $249,951.00 in Stock

Wolfspeed, Inc. (NYSE:WOLF) Director Darren R. Jackson acquired 36,975 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were bought at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the acquisition, the director now owns 85,996 shares of the company’s stock, valued at $581,332.96. This represents a 75.43 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Wolfspeed Price Performance

Shares of WOLF traded up $1.05 on Friday, reaching $7.49. The stock had a trading volume of 9,257,478 shares, compared to its average volume of 6,955,929. The firm has a 50-day moving average of $10.71 and a 200 day moving average of $16.94. The firm has a market capitalization of $956.55 million, a PE ratio of -1.19 and a beta of 1.46. Wolfspeed, Inc. has a twelve month low of $6.10 and a twelve month high of $47.43. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. The firm had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. Sell-side analysts expect that Wolfspeed, Inc. will post -4.13 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Virtu Financial LLC lifted its stake in shares of Wolfspeed by 160.8% in the 3rd quarter. Virtu Financial LLC now owns 58,560 shares of the company’s stock valued at $568,000 after purchasing an additional 36,105 shares in the last quarter. Aequim Alternative Investments LP raised its holdings in Wolfspeed by 20.2% in the third quarter. Aequim Alternative Investments LP now owns 196,836 shares of the company’s stock valued at $1,909,000 after buying an additional 33,036 shares during the period. M&T Bank Corp lifted its position in Wolfspeed by 120.5% during the third quarter. M&T Bank Corp now owns 64,222 shares of the company’s stock valued at $623,000 after buying an additional 35,101 shares in the last quarter. XTX Topco Ltd increased its position in shares of Wolfspeed by 145.4% in the third quarter. XTX Topco Ltd now owns 48,914 shares of the company’s stock worth $474,000 after acquiring an additional 28,983 shares in the last quarter. Finally, Two Sigma Advisers LP increased its holdings 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 purchasing an additional 2,189,500 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on WOLF. Bank of America reduced their target price on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a report on Friday, August 23rd. New Street Research cut Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price objective for the company. in a research note on Wednesday, August 7th. TD Cowen lowered their target price on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. Mizuho cut their target price on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a report on Tuesday. Finally, JPMorgan Chase & Co. decreased their price target on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Two equities 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 a consensus rating of “Hold” and a consensus target price 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.