Wolfspeed (NYSE:WOLF) Shares Up 10.3% – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF) traded up 10.3% during trading on Monday . The company traded as high as $10.48 and last traded at $10.42. 2,813,071 shares changed hands during trading, a decline of 61% from the average session volume of 7,263,899 shares. The stock had previously closed at $9.45.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Mizuho lowered their price target on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research report on Tuesday, November 19th. The Goldman Sachs Group dropped their target price on Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. JPMorgan Chase & Co. reduced their price target on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. TD Cowen dropped their price objective on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. Finally, Bank of America reduced their target price on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a report on Friday, August 23rd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $17.21.

Wolfspeed Price Performance

The stock’s 50 day simple moving average is $10.93 and its 200-day simple moving average is $15.37. 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 firm has a market cap of $1.13 billion, a price-to-earnings ratio of -1.49 and a beta of 1.38.

Insider Activity at Wolfspeed

In other Wolfspeed news, Director Darren R. Jackson acquired 36,975 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were purchased at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the purchase, the director now directly owns 85,996 shares of the company’s stock, valued at $581,332.96. The trade was a 75.43 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Glenda Dorchak bought 3,592 shares of Wolfspeed stock in a transaction that occurred on Friday, November 22nd. The shares were 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. The trade was a 23.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 78,067 shares of company stock valued at $524,747 in the last ninety days. Company insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

Hedge funds have recently added to or reduced their stakes in the business. Virtu Financial LLC grew its stake in shares of Wolfspeed by 160.8% during the 3rd quarter. Virtu Financial LLC now owns 58,560 shares of the company’s stock worth $568,000 after purchasing an additional 36,105 shares during the period. Aequim Alternative Investments LP boosted its holdings in Wolfspeed by 20.2% during the third quarter. Aequim Alternative Investments LP now owns 196,836 shares of the company’s stock worth $1,909,000 after buying an additional 33,036 shares in the last quarter. M&T Bank Corp grew its position in Wolfspeed by 120.5% during the third quarter. M&T Bank Corp now owns 64,222 shares of the company’s stock valued at $623,000 after buying an additional 35,101 shares during the period. XTX Topco Ltd increased its holdings in Wolfspeed by 145.4% in the third quarter. XTX Topco Ltd now owns 48,914 shares of the company’s stock valued at $474,000 after buying an additional 28,983 shares in the last quarter. Finally, Two Sigma Advisers LP raised its position in shares of Wolfspeed by 813.6% in the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after acquiring an additional 2,189,500 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.