Wolfspeed (NYSE:WOLF) Shares Gap Up Following Insider Buying Activity

Wolfspeed, Inc. (NYSE:WOLF)’s share price gapped up prior to trading on Friday following insider buying activity. The stock had previously closed at $6.44, but opened at $6.91. Wolfspeed shares last traded at $7.44, with a volume of 4,647,539 shares trading hands.

Specifically, Chairman Thomas H. Werner bought 37,500 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was purchased at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the acquisition, the chairman now 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 purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Darren R. Jackson bought 36,975 shares of Wolfspeed stock in a transaction dated Wednesday, November 20th. The stock was purchased at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following 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 position. The disclosure for this purchase can be found here.

Wall Street Analyst Weigh In

WOLF has been the topic of several recent analyst reports. TD Cowen reduced their price target on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, August 22nd. JPMorgan Chase & Co. dropped their price target 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 decreased 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. Canaccord Genuity Group dropped their target price 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. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. Two investment 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.com, Wolfspeed currently has an average rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Trading Up 14.9 %

The company has a 50 day simple moving average of $10.71 and a two-hundred day simple moving average of $16.94. 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 has a market cap of $945.05 million, a PE ratio of -1.19 and a beta of 1.46.

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

Institutional Trading of Wolfspeed

Several large investors have recently made changes to their positions in the business. Mather Group LLC. lifted its position in Wolfspeed by 385.5% during the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after purchasing an additional 933 shares during the period. Eastern Bank purchased a new position in shares of Wolfspeed during the 3rd quarter valued at about $27,000. GAMMA Investing LLC lifted its holdings in shares of Wolfspeed by 416.4% in the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after buying an additional 3,664 shares during the period. Signaturefd LLC boosted its stake in shares of Wolfspeed by 284.3% in the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after buying an additional 1,544 shares during the last quarter. Finally, Advisors Asset Management Inc. grew 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 acquiring an additional 691 shares during the period.

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.