Darren R. Jackson Acquires 36,975 Shares of Wolfspeed, Inc. (NYSE:WOLF) Stock

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

Wolfspeed Price Performance

NYSE WOLF opened at $8.44 on Friday. The stock has a market capitalization of $1.08 billion, a P/E ratio of -1.42 and a beta of 1.46. Wolfspeed, Inc. has a 1 year low of $6.10 and a 1 year high of $47.43. The business’s fifty day moving average is $10.71 and its two-hundred day moving average is $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.

Wolfspeed (NYSE:WOLF) last posted 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). The company had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.11 million. Wolfspeed had a negative net margin of 93.31% and a negative return on equity of 49.86%. On average, research analysts forecast that Wolfspeed, Inc. will post -4.13 earnings per share for the current fiscal year.

Institutional Trading of Wolfspeed

Several large investors have recently added to or reduced their stakes in the company. Virtu Financial LLC raised its stake in Wolfspeed by 160.8% during 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 during the period. Aequim Alternative Investments LP raised its stake in Wolfspeed by 20.2% during the 3rd quarter. Aequim Alternative Investments LP now owns 196,836 shares of the company’s stock valued at $1,909,000 after purchasing an additional 33,036 shares during the period. M&T Bank Corp raised its stake in Wolfspeed by 120.5% during the 3rd quarter. M&T Bank Corp now owns 64,222 shares of the company’s stock valued at $623,000 after purchasing an additional 35,101 shares during the period. XTX Topco Ltd raised its stake in Wolfspeed by 145.4% during the 3rd quarter. XTX Topco Ltd now owns 48,914 shares of the company’s stock valued at $474,000 after purchasing an additional 28,983 shares during the period. Finally, Two Sigma Advisers LP raised its stake in Wolfspeed by 813.6% during 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 during the period.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Roth Mkm reduced their price objective on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft reduced their price objective on Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. New Street Research cut Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price on the stock. in a report on Wednesday, August 7th. Piper Sandler reissued an “overweight” rating and set a $18.00 target price (down previously from $20.00) on shares of Wolfspeed in a report on Thursday, November 7th. Finally, The Goldman Sachs Group dropped their target price on Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Two investment 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. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $17.21.

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.