By otakuyassine3@gmail.com 
Wolfspeed, Inc. (NYSE:WOLF – Get Free Report)’s stock price was up 5.5% during mid-day trading on Friday . The stock traded as high as $7.23 and last traded at $7.13. Approximately 4,556,732 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 20,528,352 shares. The stock had previously closed at $6.76.
Wall Street Analysts Forecast Growth
WOLF has been the topic of a number of recent analyst reports. StockNews.com raised Wolfspeed to a “sell” rating in a report on Monday, January 6th. The Goldman Sachs Group reduced their target price on Wolfspeed from $19.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday. 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. Canaccord Genuity Group reduced their price objective on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Finally, Piper Sandler restated an “overweight” rating and issued a $18.00 target price (down from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and a consensus price target of $17.07.
Wolfspeed Stock Down 4.0 %
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 50 day moving average price of $7.77 and a 200-day moving average price of $11.94. The stock has a market capitalization of $829.09 million, a P/E ratio of -1.09 and a beta of 1.43.
Insider Transactions at Wolfspeed
In other news, Chairman Thomas H. Werner acquired 37,500 shares of Wolfspeed stock in a transaction on Wednesday, November 20th. The stock was acquired at an average cost of $6.53 per share, for a total transaction of $244,875.00. Following the purchase, the chairman now owns 108,549 shares in the company, valued at $708,824.97. This trade represents a 52.78 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Glenda Dorchak purchased 3,592 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was acquired 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 approximately $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 acquired 78,067 shares of company stock valued at $524,747 in the last three months. 0.84% of the stock is currently owned by company insiders.
Institutional Trading of Wolfspeed
Several large investors have recently modified their holdings of WOLF. DekaBank Deutsche Girozentrale purchased a new position in Wolfspeed during the second quarter valued at $2,147,000. Dimensional Fund Advisors LP raised its stake in Wolfspeed by 30.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 637,581 shares of the company’s stock worth $14,513,000 after acquiring an additional 149,093 shares during the period. Vanguard Personalized Indexing Management LLC lifted its holdings in Wolfspeed by 32.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 15,665 shares of the company’s stock valued at $353,000 after purchasing an additional 3,860 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Wolfspeed during the 2nd quarter valued at about $454,000. Finally, Inspire Investing LLC grew its position in shares of Wolfspeed by 26.5% during the second quarter. Inspire Investing LLC now owns 15,419 shares of the company’s stock valued at $351,000 after purchasing an additional 3,230 shares in the last quarter.
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.
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