By otakuyassine3@gmail.com 
Shares of Wolfspeed, Inc. (NYSE:WOLF – Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $4.91, but opened at $5.17. Wolfspeed shares last traded at $5.00, with a volume of 2,189,798 shares.
Wall Street Analyst Weigh In
WOLF has been the topic of a number of research analyst reports. Roth Mkm reduced their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Piper Sandler reissued an “overweight” rating and issued a $18.00 price objective (down from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. Mizuho dropped their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 19th. Canaccord Genuity Group dropped their target price on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Finally, 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. Three 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’s stock. According to MarketBeat, Wolfspeed has a consensus rating of “Hold” and an average target price of $17.21.
Get Our Latest Stock Report on WOLF
Wolfspeed Price Performance
The company has a fifty day simple moving average of $7.80 and a 200-day simple moving average of $11.98. 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 company has a market cap of $869.71 million, a P/E ratio of -1.14 and a beta of 1.43.
Insider Buying and Selling
In other Wolfspeed news, Chairman Thomas H. Werner acquired 37,500 shares of Wolfspeed stock in a transaction dated Wednesday, November 20th. The stock was bought at an average cost of $6.53 per share, with a total value of $244,875.00. Following the acquisition, the chairman now owns 108,549 shares of the company’s stock, valued at approximately $708,824.97. The trade was a 52.78 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Glenda Dorchak acquired 3,592 shares of the stock in a transaction on Friday, November 22nd. The stock was bought at an average price of $8.33 per share, with a total value of $29,921.36. Following the transaction, the director now directly 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 three months, insiders acquired 78,067 shares of company stock worth $524,747. Corporate insiders own 0.84% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in WOLF. Eastern Bank bought a new stake in shares of Wolfspeed in the third quarter valued at about $27,000. GAMMA Investing LLC lifted its stake in Wolfspeed by 416.4% in the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after acquiring an additional 3,664 shares in the last quarter. Asset Management One Co. Ltd. boosted its position in Wolfspeed by 69.0% during the 3rd quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock worth $69,000 after acquiring an additional 2,885 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of Wolfspeed during the 2nd quarter worth approximately $220,000. Finally, Arkadios Wealth Advisors acquired a new stake in shares of Wolfspeed in the fourth quarter valued at approximately $67,000.
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.
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