Insider Buying: Wolfspeed, Inc. (NYSE:WOLF) Director Acquires 36,975 Shares of Stock

Wolfspeed, Inc. (NYSE:WOLF) Director Darren R. Jackson purchased 36,975 shares of the stock in a transaction dated Wednesday, November 20th. The shares were bought at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the acquisition, the director now 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 filing with the SEC, which can be accessed through the SEC website.

Wolfspeed Stock Up 31.0 %

WOLF stock opened at $8.44 on Friday. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. Wolfspeed, Inc. has a 52-week low of $6.10 and a 52-week high of $47.43. The company has a 50-day moving average of $10.71 and a two-hundred day moving average of $16.94. The stock has a market capitalization of $1.08 billion, a price-to-earnings ratio of -1.42 and a beta of 1.46.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share (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 for the quarter, compared to the consensus estimate of $201.11 million. As a group, equities research analysts anticipate that Wolfspeed, Inc. will post -4.13 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on WOLF shares. Bank of America lowered their price target on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a report on Friday, August 23rd. Morgan Stanley boosted their price target on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Mizuho lowered 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. Susquehanna decreased their price objective on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Finally, Roth Mkm decreased their price objective on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.21.

Institutional Investors Weigh In On Wolfspeed

Hedge funds have recently bought and sold shares of the company. Mather Group LLC. boosted its holdings 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 acquiring an additional 933 shares during the period. Eastern Bank acquired a new position in shares of Wolfspeed during the third quarter valued at about $27,000. GAMMA Investing LLC raised its position in shares of Wolfspeed by 416.4% during the third 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 last quarter. Signaturefd LLC raised its position in shares of Wolfspeed by 284.3% during the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after buying an additional 1,544 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its position in shares of Wolfspeed by 64.8% during 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 last quarter.

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.