Wolfspeed (NYSE:WOLF) Trading 7.2% Higher – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF)’s stock price rose 7.2% on Monday . The company traded as high as $7.65 and last traded at $7.55. Approximately 2,671,904 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 7,391,895 shares. The stock had previously closed at $7.04.

Analysts Set New Price Targets

WOLF has been the subject of several recent analyst reports. Piper Sandler reiterated an “overweight” rating and set a $18.00 price objective (down from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. Canaccord Genuity Group dropped their price target on Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Susquehanna lowered their price objective on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. The Goldman Sachs Group decreased their price target on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Finally, Morgan Stanley boosted their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Price Performance

The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. The firm has a market cap of $989.78 million, a price-to-earnings ratio of -1.30 and a beta of 1.38. The company has a 50 day moving average of $10.42 and a 200 day moving average of $14.02.

Insider Buying and Selling

In other news, Director Glenda Dorchak purchased 3,592 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were purchased at an average price of $8.33 per share, with a total value of $29,921.36. Following the purchase, the director now directly 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Thomas H. Werner acquired 37,500 shares of Wolfspeed stock in a transaction dated Wednesday, November 20th. The shares were purchased at an average cost of $6.53 per share, with a total value of $244,875.00. Following the completion of the transaction, the chairman now directly owns 108,549 shares of the company’s stock, valued at $708,824.97. This trade represents a 52.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders acquired 78,067 shares of company stock valued at $524,747. 0.84% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Principal Financial Group Inc. raised its stake in shares of Wolfspeed by 41.4% during the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock worth $5,748,000 after purchasing an additional 173,409 shares in the last quarter. Virtu Financial LLC raised its stake in Wolfspeed by 160.8% in the third quarter. Virtu Financial LLC now owns 58,560 shares of the company’s stock valued at $568,000 after buying an additional 36,105 shares during the period. Aequim Alternative Investments LP lifted its position in shares of Wolfspeed by 20.2% in the third quarter. Aequim Alternative Investments LP now owns 196,836 shares of the company’s stock valued at $1,909,000 after buying an additional 33,036 shares during the last quarter. M&T Bank Corp increased its holdings in shares of Wolfspeed by 120.5% during the 3rd quarter. M&T Bank Corp now owns 64,222 shares of the company’s stock worth $623,000 after acquiring an additional 35,101 shares during the last quarter. Finally, XTX Topco Ltd boosted its position in Wolfspeed by 145.4% during the third quarter. XTX Topco Ltd now owns 48,914 shares of the company’s stock worth $474,000 after purchasing an additional 28,983 shares during the period.

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.