Insider Buying: Wolfspeed, Inc. (NYSE:WOLF) Chairman Buys 37,500 Shares of Stock

Wolfspeed, Inc. (NYSE:WOLF) Chairman Thomas H. Werner bought 37,500 shares of the firm’s stock in a transaction that occurred 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 completion of the acquisition, the chairman now directly owns 108,549 shares in the company, valued at approximately $708,824.97. The trade was a 52.78 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Wolfspeed Trading Up 31.1 %

NYSE:WOLF opened at $8.44 on Friday. The company has a market capitalization of $1.08 billion, a P/E ratio of -1.42 and a beta of 1.46. The stock’s 50 day moving average price is $10.70 and its 200 day moving average price is $16.76. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. Wolfspeed, Inc. has a 52 week low of $6.10 and a 52 week high of $47.43.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. The business had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.11 million. On average, research analysts forecast that Wolfspeed, Inc. will post -4.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target for the company. in a research report on Wednesday, August 7th. Bank of America decreased their target price on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a report on Friday, August 23rd. The Goldman Sachs Group cut their price target on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Finally, Piper Sandler reissued an “overweight” rating and set a $18.00 target price (down from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $17.21.

Hedge Funds Weigh In On Wolfspeed

Hedge funds have recently bought and sold shares of the business. Iridian Asset Management LLC CT boosted its stake in shares of Wolfspeed by 319.9% during the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after acquiring an additional 397,057 shares in the last quarter. Primecap Management Co. CA boosted its position in Wolfspeed by 5.0% during the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after purchasing an additional 303,870 shares during the period. Principal Financial Group Inc. grew its holdings in Wolfspeed by 41.4% during the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after purchasing an additional 173,409 shares during the last quarter. Lazard Asset Management LLC raised its position in shares of Wolfspeed by 292,375.0% in the first quarter. Lazard Asset Management LLC now owns 70,194 shares of the company’s stock valued at $2,070,000 after purchasing an additional 70,170 shares during the period. Finally, Rheos Capital Works Inc. lifted its stake in shares of Wolfspeed by 140.8% in the third quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock worth $4,147,000 after buying an additional 250,000 shares during the last quarter.

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.