Insider Buying: Wolfspeed, Inc. (NYSE:WOLF) Director Buys $249,951.00 in Stock

Wolfspeed, Inc. (NYSE:WOLF) Director Darren R. Jackson purchased 36,975 shares of the stock in a transaction on Wednesday, November 20th. The stock was acquired at an average cost of $6.76 per share, with a total value of $249,951.00. Following the completion of the purchase, 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 acquisition was disclosed in a document filed with the SEC, which is available through this link.

Wolfspeed Trading Up 31.1 %

WOLF opened at $8.44 on Friday. The stock has a market cap of $1.08 billion, a PE ratio of -1.42 and a beta of 1.46. The business has a 50 day moving average of $10.70 and a 200-day moving average of $16.76. Wolfspeed, Inc. has a 52 week low of $6.10 and a 52 week 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 earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $200.70 million during the quarter, compared to analysts’ expectations of $201.11 million. Equities research analysts predict that Wolfspeed, Inc. will post -4.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Mizuho lowered their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday, November 19th. Bank of America dropped their price objective on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research note on Friday, August 23rd. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. Morgan Stanley increased their price target on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Finally, Roth Mkm decreased 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. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $17.21.

Institutional Investors Weigh In On Wolfspeed

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

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.