Wolfspeed, Inc. (NYSE:WOLF) Shares Sold by Firsthand Capital Management Inc.

Firsthand Capital Management Inc. decreased its position in Wolfspeed, Inc. (NYSE:WOLFFree Report) by 3.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 180,000 shares of the company’s stock after selling 7,000 shares during the quarter. Wolfspeed accounts for about 3.4% of Firsthand Capital Management Inc.’s holdings, making the stock its 10th biggest holding. Firsthand Capital Management Inc.’s holdings in Wolfspeed were worth $1,746,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WOLF. Primecap Management Co. CA boosted its position in shares of Wolfspeed by 15.3% during the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock worth $137,591,000 after acquiring an additional 800,540 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Wolfspeed by 1,158.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock worth $8,082,000 after purchasing an additional 766,971 shares during the last quarter. Iridian Asset Management LLC CT boosted its holdings in Wolfspeed by 319.9% in 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 in the last quarter. Samlyn Capital LLC increased its stake in Wolfspeed by 51.6% in 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. Finally, Yong Rong HK Asset Management Ltd acquired a new stake in Wolfspeed during the third quarter worth approximately $2,988,000.

Wolfspeed Stock Up 7.3 %

Shares of NYSE:WOLF opened at $9.57 on Friday. Wolfspeed, Inc. has a fifty-two week low of $6.10 and a fifty-two week high of $47.43. 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 firm’s 50-day simple moving average is $10.75 and its 200-day simple moving average is $16.39. The company has a market cap of $1.22 billion, a price-to-earnings ratio of -1.61 and a beta of 1.46.

Analyst Ratings Changes

WOLF has been the topic of a number of recent analyst reports. New Street Research downgraded shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price on the stock. in a research report on Wednesday, August 7th. Susquehanna dropped their price objective on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Bank of America reduced their target price on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a report on Friday, August 23rd. Morgan Stanley raised their price target on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Finally, TD Cowen reduced their price objective on Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Two investment 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. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $17.21.

Read Our Latest Research Report on WOLF

Insider Activity at Wolfspeed

In other Wolfspeed news, Director Darren R. Jackson acquired 36,975 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was purchased at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the transaction, the director now owns 85,996 shares of the company’s stock, valued at $581,332.96. The trade was a 75.43 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Glenda Dorchak bought 3,592 shares of Wolfspeed stock in a transaction on Friday, November 22nd. The stock was acquired at an average cost of $8.33 per share, with a total value of $29,921.36. Following the acquisition, the director now owns 18,688 shares of the company’s stock, valued at $155,671.04. This trade represents a 23.79 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 78,067 shares of company stock worth $524,747 over the last 90 days. Company insiders own 0.84% of the company’s stock.

Wolfspeed Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Wolfspeed (NYSE:WOLF)

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