Shares of Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $6.63, but opened at $6.80. Wolfspeed shares last traded at $6.83, with a volume of 1,106,941 shares.
Analyst Upgrades and Downgrades
Several equities analysts have commented on the stock. StockNews.com raised shares of Wolfspeed to a "sell" rating in a research note on Tuesday. 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 report on Thursday, November 7th. Susquehanna decreased their price target on Wolfspeed from $16.00 to $11.00 and set a "neutral" rating for the company in a research note on Thursday, November 7th. Morgan Stanley lifted their price target on Wolfspeed from $10.00 to $15.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 16th. Finally, Piper Sandler restated an "overweight" rating and issued a $18.00 price objective (down previously from $20.00) on shares of Wolfspeed in a report on Thursday, November 7th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $17.21.
Get Our Latest Stock Report on WOLF
Wolfspeed Stock Performance
The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. The firm has a market capitalization of $915.70 million, a PE ratio of -1.21 and a beta of 1.38. The firm's 50-day moving average price is $9.09 and its two-hundred day moving average price is $13.04.
Insider Buying and Selling at Wolfspeed
In related news, Director Darren R. Jackson purchased 36,975 shares of the firm's stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the acquisition, the director now owns 85,996 shares in the company, valued at $581,332.96. This trade represents a 75.43 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Thomas H. Werner acquired 37,500 shares of the company's stock in a transaction on Wednesday, November 20th. The stock was bought at an average price 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 approximately $708,824.97. This trade represents a 52.78 % increase in their position. 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 three months. 0.84% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of WOLF. Eastern Bank acquired a new position in shares of Wolfspeed during the 3rd quarter worth $27,000. GAMMA Investing LLC raised its holdings in Wolfspeed by 416.4% during the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company's stock valued at $44,000 after buying an additional 3,664 shares in the last quarter. Signaturefd LLC lifted its position in shares of Wolfspeed by 284.3% in the second quarter. Signaturefd LLC now owns 2,087 shares of the company's stock worth $48,000 after buying an additional 1,544 shares during the last quarter. Asset Management One Co. Ltd. boosted its stake in shares of 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 in the last quarter. Finally, Ground Swell Capital LLC acquired a new position in shares of Wolfspeed during the 3rd quarter valued at about $99,000.
About Wolfspeed
(
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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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