Wolfspeed, Inc. (NYSE:WOLF) Shares Acquired by Two Sigma Advisers LP

Two Sigma Advisers LP lifted its stake in Wolfspeed, Inc. (NYSE:WOLF) by 813.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,458,600 shares of the company’s stock after purchasing an additional 2,189,500 shares during the quarter. Two Sigma Advisers LP owned 1.93% of Wolfspeed worth $23,848,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also made changes to their positions in WOLF. Primecap Management Co. CA raised its position in Wolfspeed by 15.3% during the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after buying an additional 800,540 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Wolfspeed by 1,158.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock valued at $8,082,000 after acquiring an additional 766,971 shares in the last quarter. Erste Asset Management GmbH acquired a new position in shares of Wolfspeed in the third quarter worth $4,542,000. Iridian Asset Management LLC CT boosted its position in Wolfspeed by 319.9% during the third quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after purchasing an additional 397,057 shares during the last quarter. Finally, Samlyn Capital LLC boosted its position in Wolfspeed by 51.6% during the second quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after purchasing an additional 343,277 shares during the last quarter.

Insider Activity

In related news, Director Glenda Dorchak acquired 3,592 shares of the company’s stock in a transaction on 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 completion of the purchase, the director now directly owns 18,688 shares of the company’s stock, valued at $155,671.04. The trade was a 23.79 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Thomas H. Werner bought 37,500 shares of Wolfspeed 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 purchase, the chairman now directly owns 108,549 shares in the company, valued at $708,824.97. This represents a 52.78 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 78,067 shares of company stock worth $524,747. 0.84% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

WOLF has been the subject of a number of recent research reports. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 price target (down from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. Bank of America decreased their price objective on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a report on Friday, August 23rd. Mizuho reduced their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a report on Tuesday, November 19th. JPMorgan Chase & Co. lowered their price target on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Finally, Morgan Stanley raised their target price on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, Wolfspeed has a consensus rating of “Hold” and an average target price of $17.21.

Wolfspeed Stock Performance

Shares of NYSE WOLF opened at $9.45 on Friday. Wolfspeed, Inc. has a one year low of $6.10 and a one year high of $47.43. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. The business has a fifty day simple moving average of $10.92 and a 200 day simple moving average of $15.68. The firm has a market capitalization of $1.21 billion, a price-to-earnings ratio of -1.59 and a beta of 1.38.

Wolfspeed 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.