Wolfspeed (NYSE:WOLF) Shares Gap Up – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $4.91, but opened at $5.17. Wolfspeed shares last traded at $5.00, with a volume of 2,189,798 shares.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. cut their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. The Goldman Sachs Group cut their target price on Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Mizuho cut their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 19th. StockNews.com raised Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Finally, Morgan Stanley increased their target price on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Wolfspeed presently has an average rating of “Hold” and an average price target of $17.21.

Wolfspeed Stock Down 2.9 %

The firm has a 50 day moving average price of $8.11 and a two-hundred day moving average price of $12.14. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. The company has a market capitalization of $609.19 million, a price-to-earnings ratio of -0.80 and a beta of 1.43.

Insider Activity

In other news, Director Darren R. Jackson purchased 36,975 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the purchase, the director now owns 85,996 shares of the company’s stock, valued at approximately $581,332.96. This trade represents a 75.43 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Glenda Dorchak purchased 3,592 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was purchased at an average price of $8.33 per share, with a total value of $29,921.36. Following the completion of the purchase, the director now directly owns 18,688 shares of the company’s stock, valued at approximately $155,671.04. This represents a 23.79 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 78,067 shares of company stock worth $524,747 over the last ninety days. Corporate insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

Large investors have recently bought and sold shares of the business. Iridian Asset Management LLC CT lifted its holdings in Wolfspeed by 319.9% in the third quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after acquiring an additional 397,057 shares during the last quarter. Public Sector Pension Investment Board bought a new position in Wolfspeed in the third quarter worth about $2,590,000. Primecap Management Co. CA lifted its holdings in Wolfspeed by 5.0% in the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after acquiring an additional 303,870 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Wolfspeed by 41.4% in the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock worth $5,748,000 after acquiring an additional 173,409 shares during the last quarter. Finally, Rheos Capital Works Inc. lifted its holdings in Wolfspeed by 140.8% in the third quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock worth $4,147,000 after acquiring an additional 250,000 shares during the last quarter.

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.