Wolfspeed, Inc. (NYSE:WOLF) Shares Bought by Redwood Investment Management LLC

Redwood Investment Management LLC increased its stake in Wolfspeed, Inc. (NYSE:WOLF) by 102.5% during the 3rd quarter, Holdings Channel.com reports. The fund owned 46,955 shares of the company’s stock after buying an additional 23,768 shares during the period. Redwood Investment Management LLC’s holdings in Wolfspeed were worth $478,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of WOLF. Primecap Management Co. CA raised its stake in Wolfspeed by 15.3% during the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock worth $137,591,000 after purchasing an additional 800,540 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Wolfspeed by 1,158.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock worth $8,082,000 after buying an additional 766,971 shares during the last quarter. Erste Asset Management GmbH purchased a new position in shares of Wolfspeed in the 3rd quarter worth $4,542,000. Iridian Asset Management LLC CT raised its position in shares of Wolfspeed by 319.9% in the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after buying an additional 397,057 shares during the period. Finally, Samlyn Capital LLC boosted its holdings 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 acquiring an additional 343,277 shares during the last quarter.

Wolfspeed Stock Performance

NYSE:WOLF opened at $9.45 on Friday. The firm has a 50-day moving average of $10.92 and a two-hundred day moving average of $15.76. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. The stock has a market cap of $1.21 billion, a P/E ratio of -1.59 and a beta of 1.38. Wolfspeed, Inc. has a 1-year low of $6.10 and a 1-year high of $47.43.

Analysts Set New Price Targets

Several brokerages have commented on WOLF. JPMorgan Chase & Co. dropped their price target on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Piper Sandler reissued an “overweight” rating and set a $18.00 target price (down previously from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. 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. Mizuho decreased their price objective on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday, November 19th. Finally, Canaccord Genuity Group dropped 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 research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $17.21.

Insider Buying and Selling

In related news, Director Darren R. Jackson bought 36,975 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was bought at an average price of $6.76 per share, with a total value of $249,951.00. Following the transaction, the director now owns 85,996 shares of the company’s stock, valued at approximately $581,332.96. This trade represents a 75.43 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Glenda Dorchak bought 3,592 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was bought at an average price of $8.33 per share, for a total transaction of $29,921.36. Following the purchase, the director now owns 18,688 shares in the company, valued at approximately $155,671.04. This represents a 23.79 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 78,067 shares of company stock worth $524,747. 0.84% of the stock is currently owned by corporate insiders.

Wolfspeed Company Profile

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.