Wolfspeed (NYSE:WOLF) Stock Price Up 5.8% on Insider Buying Activity

Wolfspeed, Inc. (NYSE:WOLFGet Free Report) shares shot up 5.8% during mid-day trading on Tuesday after an insider bought additional shares in the company. The stock traded as high as $26.83 and last traded at $26.75. 974,175 shares traded hands during trading, a decline of 82% from the average session volume of 5,266,361 shares. The stock had previously closed at $25.28.

Specifically, Director Darren R. Jackson purchased 10,000 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was purchased at an average price of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the acquisition, the director now owns 49,021 shares of the company’s stock, valued at $1,264,741.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Darren R. Jackson purchased 10,000 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were acquired at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the acquisition, the director now owns 49,021 shares of the company’s stock, valued at approximately $1,264,741.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Neill Reynolds sold 3,000 shares of the firm’s stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $44.94, for a total value of $134,820.00. Following the sale, the chief financial officer now directly owns 161,866 shares in the company, valued at approximately $7,274,258.04. The disclosure for this sale can be found here. 0.85% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on WOLF shares. Morgan Stanley cut their price objective on shares of Wolfspeed from $42.00 to $34.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 31st. Wells Fargo & Company decreased their price objective on Wolfspeed from $60.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, October 20th. Susquehanna cut their target price on Wolfspeed from $50.00 to $35.00 and set a “neutral” rating for the company in a research note on Tuesday, October 24th. JPMorgan Chase & Co. cut their target price on Wolfspeed from $44.00 to $43.00 and set a “neutral” rating for the company in a research note on Thursday, February 1st. Finally, Canaccord Genuity Group cut their price objective on Wolfspeed from $63.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, October 31st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Wolfspeed has an average rating of “Hold” and an average price target of $46.40.

View Our Latest Analysis on WOLF

Wolfspeed Trading Up 5.6 %

The company has a quick ratio of 4.58, a current ratio of 5.13 and a debt-to-equity ratio of 4.50. The firm has a market cap of $3.36 billion, a price-to-earnings ratio of -4.39 and a beta of 1.72. The business has a 50 day moving average price of $38.02 and a 200-day moving average price of $40.49.

Institutional Investors Weigh In On Wolfspeed

Hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new stake in Wolfspeed in the 4th quarter valued at approximately $223,238,000. FengHe Fund Management Pte. Ltd. grew its holdings in shares of Wolfspeed by 438.9% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock worth $62,272,000 after acquiring an additional 1,165,600 shares during the last quarter. JANA Partners Management LP acquired a new position in shares of Wolfspeed in the 3rd quarter worth $35,662,000. Frontier Capital Management Co. LLC boosted its position in shares of Wolfspeed by 66.2% in the second quarter. Frontier Capital Management Co. LLC now owns 1,938,492 shares of the company’s stock worth $107,761,000 after buying an additional 772,055 shares during the period. Finally, William Blair Investment Management LLC raised its position in Wolfspeed by 41.0% during the second quarter. William Blair Investment Management LLC now owns 2,303,525 shares of the company’s stock valued at $128,053,000 after buying an additional 670,154 shares during the period.

Wolfspeed Company Profile

(Get Free Report)

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.

Read More

Receive News & Ratings for Wolfspeed Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wolfspeed and related companies with MarketBeat.com's FREE daily email newsletter.