Wolfspeed, Inc. (NYSE:WOLF) Director Acquires $29,921.36 in Stock

Wolfspeed, Inc. (NYSE:WOLF) Director Glenda Dorchak purchased 3,592 shares of the stock in a transaction on Friday, November 22nd. The stock was acquired at an average price of $8.33 per share, with a total value of $29,921.36. Following the completion of the acquisition, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Wolfspeed Stock Up 11.7 %

WOLF traded up $0.99 during trading on Monday, reaching $9.43. 7,731,974 shares of the stock were exchanged, compared to its average volume of 7,060,948. 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 stock’s 50 day moving average price is $10.70 and its two-hundred day moving average price is $16.71. Wolfspeed, Inc. has a twelve month low of $6.10 and a twelve month high of $47.43. The stock has a market cap of $1.20 billion, a P/E ratio of -1.54 and a beta of 1.46.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of WOLF. Vanguard Group Inc. lifted its stake in Wolfspeed by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after purchasing an additional 449,732 shares during the last quarter. Advisors Asset Management Inc. raised its stake in Wolfspeed by 64.8% in the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock valued at $52,000 after buying an additional 691 shares during the period. Lazard Asset Management LLC lifted its position in shares of Wolfspeed by 292,375.0% in the first quarter. Lazard Asset Management LLC now owns 70,194 shares of the company’s stock valued at $2,070,000 after buying an additional 70,170 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Wolfspeed by 2.0% during the 1st quarter. Janus Henderson Group PLC now owns 720,961 shares of the company’s stock worth $21,265,000 after acquiring an additional 14,007 shares during the period. Finally, B. Riley Wealth Advisors Inc. acquired a new position in shares of Wolfspeed during the 1st quarter worth approximately $245,000.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on WOLF shares. Susquehanna lowered their target price on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. TD Cowen lowered their price objective on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. Piper Sandler reaffirmed an “overweight” rating and issued a $18.00 price objective (down from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. JPMorgan Chase & Co. lowered their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Finally, Morgan Stanley boosted their price target on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Wolfspeed currently has a consensus rating of “Hold” and an average price target 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.