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

Wolfspeed, Inc. (NYSE:WOLF) 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 price of $8.33 per share, for a total transaction of $29,921.36. Following the acquisition, the director now directly owns 18,688 shares of the company’s stock, valued at approximately $155,671.04. The trade was a 23.79 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Wolfspeed Price Performance

Shares of Wolfspeed stock opened at $8.89 on Thursday. 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 fifty day moving average is $10.74 and its 200 day moving average is $16.50. The stock has a market cap of $1.14 billion, a P/E ratio of -1.49 and a beta of 1.46. Wolfspeed, Inc. has a one year low of $6.10 and a one year high of $47.43.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of WOLF. 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 valued at $385,832,000 after acquiring an additional 449,732 shares during the period. Primecap Management Co. CA boosted its stake in shares of Wolfspeed by 5.0% in the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after acquiring an additional 303,870 shares during the period. Two Sigma Advisers LP grew its position in shares of Wolfspeed by 813.6% during the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after purchasing an additional 2,189,500 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Wolfspeed by 14.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after purchasing an additional 147,527 shares during the period. Finally, Samlyn Capital LLC boosted its stake in Wolfspeed by 51.6% in the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock worth $22,968,000 after purchasing an additional 343,277 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on WOLF shares. Morgan Stanley boosted their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Susquehanna cut their price target on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. The Goldman Sachs Group decreased their price objective on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Bank of America reduced their price target on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research report on Friday, August 23rd. 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 report on Thursday, November 7th. Two investment 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. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price 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.