Wolfspeed (NYSE:WOLF) Shares Gap Up Following Insider Buying Activity

Wolfspeed, Inc. (NYSE:WOLFGet Free Report)’s share price gapped up before the market opened on Thursday after an insider bought additional shares in the company. The stock had previously closed at $25.68, but opened at $26.31. Wolfspeed shares last traded at $25.96, with a volume of 148,368 shares.

Specifically, Director Marvin Riley bought 1,866 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was acquired at an average cost of $27.05 per share, for a total transaction of $50,475.30. Following the completion of the purchase, the director now owns 13,297 shares of the company’s stock, valued at approximately $359,683.85. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.62% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

WOLF has been the subject of several recent research reports. Roth Mkm reissued a “buy” rating and issued a $50.00 price target on shares of Wolfspeed in a research report on Tuesday, April 30th. Piper Sandler dropped their target price on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, February 1st. Citigroup cut their target price on Wolfspeed from $29.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft lowered their price target on Wolfspeed from $30.00 to $25.00 and set a “hold” rating on the stock in a research report on Tuesday, May 7th. Finally, JPMorgan Chase & Co. cut their price objective on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $36.29.

Read Our Latest Analysis on WOLF

Wolfspeed Stock Up 0.9 %

The company has a market cap of $3.26 billion, a P/E ratio of -4.01 and a beta of 1.64. The company has a quick ratio of 4.00, a current ratio of 4.58 and a debt-to-equity ratio of 5.55. The firm has a fifty day moving average price of $26.08 and a 200 day moving average price of $31.12.

Wolfspeed (NYSE:WOLFGet Free Report) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.79) EPS for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.03. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 27.37%. The firm had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.49 million. Equities research analysts forecast that Wolfspeed, Inc. will post -3.13 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of WOLF. Vanguard Group Inc. boosted its position in Wolfspeed by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after buying an additional 449,732 shares during the last quarter. Norges Bank acquired a new position in shares of Wolfspeed during the fourth quarter valued at $308,701,000. Artisan Partners Limited Partnership boosted its holdings in Wolfspeed by 15.5% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock valued at $114,261,000 after acquiring an additional 352,609 shares during the last quarter. Primecap Management Co. CA increased its position in Wolfspeed by 1.6% in the fourth quarter. Primecap Management Co. CA now owns 1,906,494 shares of the company’s stock worth $82,952,000 after purchasing an additional 29,700 shares during the period. Finally, FengHe Fund Management Pte. Ltd. raised its holdings in Wolfspeed by 438.9% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock worth $62,272,000 after purchasing an additional 1,165,600 shares during the last quarter.

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.

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