Insider Buying: Wolfspeed, Inc. (NYSE:WOLF) Chairman Buys $244,875.00 in Stock

Wolfspeed, Inc. (NYSE:WOLF) 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 purchased at an average price of $6.53 per share, with a total value of $244,875.00. Following the completion of the purchase, the chairman now directly owns 108,549 shares of the company’s stock, valued at approximately $708,824.97. This represents a 52.78 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

Wolfspeed Trading Up 31.1 %

Shares of WOLF stock opened at $8.44 on Friday. Wolfspeed, Inc. has a 1 year low of $6.10 and a 1 year high of $47.43. The firm has a market capitalization of $1.08 billion, a PE ratio of -1.42 and a beta of 1.46. The stock has a fifty day moving average of $10.70 and a two-hundred day moving average of $16.76. 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 data on Wednesday, August 21st. The company reported ($1.06) earnings per share 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 analyst estimates of $201.11 million. Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. As a group, research analysts expect that Wolfspeed, Inc. will post -4.13 EPS for the current year.

Institutional Trading of Wolfspeed

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Wolfspeed by 3.6% during the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after purchasing an additional 449,732 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Wolfspeed by 14.8% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 133,395 shares of the company’s stock valued at $3,935,000 after buying an additional 17,154 shares during the period. Natixis bought a new position in Wolfspeed during the first quarter valued at about $875,000. EntryPoint Capital LLC grew its holdings in Wolfspeed by 149.4% during the first quarter. EntryPoint Capital LLC now owns 3,295 shares of the company’s stock worth $97,000 after acquiring an additional 1,974 shares during the period. Finally, Advisors Asset Management Inc. raised its position in Wolfspeed by 64.8% in the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after acquiring an additional 691 shares in the last quarter.

Wall Street Analysts Forecast Growth

WOLF has been the topic of a number of research analyst reports. TD Cowen reduced their target price on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, August 22nd. Mizuho reduced their price objective on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 19th. Morgan Stanley boosted 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. JPMorgan Chase & Co. reduced their price target on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Finally, Canaccord Genuity Group lowered their price objective on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock 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.