Wolfspeed (NYSE:WOLF) Trading 8.5% Higher After Insider Buying Activity

Wolfspeed, Inc. (NYSE:WOLF) was up 8.5% during trading on Monday after an insider bought additional shares in the company. The stock traded as high as $9.16 and last traded at $9.16. Approximately 2,488,912 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 7,044,524 shares. The stock had previously closed at $8.44.

Specifically, Director Glenda Dorchak bought 3,592 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was purchased at an average cost of $8.33 per share, for a total transaction of $29,921.36. Following the transaction, the director now owns 18,688 shares in the company, valued at $155,671.04. The trade was a 23.79 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Thomas H. Werner purchased 37,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was bought at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the transaction, the chairman now directly owns 108,549 shares of the company’s stock, valued at $708,824.97. This trade represents a 52.78 % increase in their position. The disclosure for this purchase can be found here. In other news, Director Darren R. Jackson bought 36,975 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were purchased at an average cost of $6.76 per share, with a total value of $249,951.00. Following the acquisition, the director now directly owns 85,996 shares in the company, valued at $581,332.96. This 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 is available through this hyperlink.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on WOLF shares. TD Cowen decreased their price objective on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. New Street Research downgraded Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price objective for the company. in a research report on Wednesday, August 7th. Bank of America decreased their target price on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research report on Friday, August 23rd. JPMorgan Chase & Co. dropped their target price on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Finally, Mizuho decreased their price target on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a report on Tuesday, November 19th. Two 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Stock Performance

The stock has a 50 day moving average of $10.70 and a 200 day moving average of $16.71. 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 $1.28 billion, a price-to-earnings ratio of -1.62 and a beta of 1.46.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Virtu Financial LLC increased its stake in Wolfspeed by 160.8% in the third 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 in the last quarter. Aequim Alternative Investments LP grew its stake in shares of Wolfspeed by 20.2% in the 3rd quarter. Aequim Alternative Investments LP now owns 196,836 shares of the company’s stock valued at $1,909,000 after buying an additional 33,036 shares during the period. M&T Bank Corp increased its position in Wolfspeed by 120.5% in the 3rd quarter. M&T Bank Corp now owns 64,222 shares of the company’s stock valued at $623,000 after buying an additional 35,101 shares in the last quarter. 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 worth $474,000 after buying an additional 28,983 shares during the period. Finally, Two Sigma Advisers LP boosted its holdings in Wolfspeed by 813.6% in the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after acquiring an additional 2,189,500 shares in the last quarter.

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.