Wolfspeed (NYSE:WOLF) Trading Up 8.7%

Wolfspeed, Inc. (NYSE:WOLF)’s stock price rose 8.7% during trading on Thursday . The company traded as high as $12.56 and last traded at $12.55. Approximately 790,079 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 4,451,267 shares. The stock had previously closed at $11.55.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on WOLF. Canaccord Genuity Group lowered their target price on Wolfspeed from $47.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, June 25th. TD Cowen cut shares of Wolfspeed from a “buy” rating to a “hold” rating and dropped their target price for the company from $40.00 to $25.00 in a research report on Thursday, May 2nd. Roth Mkm reissued a “buy” rating and set a $50.00 price objective on shares of Wolfspeed in a research note on Tuesday, April 30th. New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a research report on Wednesday, August 7th. Finally, Oppenheimer reiterated a “market perform” rating on shares of Wolfspeed in a report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $33.73.

Wolfspeed Stock Up 15.8 %

The company has a quick ratio of 4.00, a current ratio of 4.58 and a debt-to-equity ratio of 5.55. The company’s 50 day moving average is $21.70 and its two-hundred day moving average is $24.97. The company has a market capitalization of $1.68 billion, a PE ratio of -2.05 and a beta of 1.60.

Insider Buying and Selling at Wolfspeed

In other news, Director Marvin Riley bought 1,866 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were purchased at an average price of $27.05 per share, for a total transaction of $50,475.30. Following the completion of the transaction, the director now directly owns 13,297 shares in the company, valued at $359,683.85. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.62% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Dark Forest Capital Management LP acquired a new position in Wolfspeed during the 2nd quarter worth $681,000. Point72 DIFC Ltd purchased a new stake in shares of Wolfspeed in the 2nd quarter valued at about $1,515,000. Marshall Wace LLP boosted its position in shares of Wolfspeed by 56.5% in the 2nd quarter. Marshall Wace LLP now owns 200,112 shares of the company’s stock valued at $4,555,000 after purchasing an additional 72,212 shares during the period. Samlyn Capital LLC grew its stake in Wolfspeed by 51.6% during the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock worth $22,968,000 after buying an additional 343,277 shares during the last quarter. Finally, ProShare Advisors LLC raised its position in Wolfspeed by 9.3% during the 2nd quarter. ProShare Advisors LLC now owns 23,395 shares of the company’s stock worth $532,000 after buying an additional 1,993 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.