Wolfspeed, Inc. (NYSE:WOLF) Shares Sold by Holocene Advisors LP

Holocene Advisors LP lowered its stake in Wolfspeed, Inc. (NYSE:WOLF) by 68.8% during the third quarter, Holdings Channel.com reports. The fund owned 55,060 shares of the company’s stock after selling 121,648 shares during the quarter. Holocene Advisors LP’s holdings in Wolfspeed were worth $534,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Primecap Management Co. CA lifted its holdings in Wolfspeed by 15.3% during the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after purchasing an additional 800,540 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Wolfspeed by 1,158.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock valued at $8,082,000 after buying an additional 766,971 shares in the last quarter. Erste Asset Management GmbH acquired a new stake in Wolfspeed in the 3rd quarter worth about $4,542,000. Iridian Asset Management LLC CT increased its stake in 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 buying an additional 397,057 shares in the last quarter. Finally, Samlyn Capital LLC increased its stake in Wolfspeed by 51.6% during the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock worth $22,968,000 after buying an additional 343,277 shares in the last quarter.

Wolfspeed Stock Up 1.6 %

Shares of NYSE:WOLF opened at $9.45 on Friday. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of -1.59 and a beta of 1.38. Wolfspeed, Inc. has a 12-month low of $6.10 and a 12-month high of $47.43. The business has a 50-day moving average price of $10.92 and a 200 day moving average price of $15.68. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Susquehanna decreased their target price on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Morgan Stanley upped their target price on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Piper Sandler reissued an “overweight” rating and issued a $18.00 price target (down from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. The Goldman Sachs Group dropped their price objective on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Finally, Mizuho decreased their target price on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 19th. Two equities 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 company’s stock. According to data from MarketBeat, Wolfspeed has an average rating of “Hold” and a consensus price target of $17.21.

Insiders Place Their Bets

In other news, Director Glenda Dorchak acquired 3,592 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were purchased at an average price of $8.33 per share, for a total transaction of $29,921.36. Following the acquisition, the director now owns 18,688 shares of the company’s stock, valued at $155,671.04. This represents a 23.79 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Thomas H. Werner bought 37,500 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were purchased at an average price of $6.53 per share, with a total value of $244,875.00. Following the completion of the acquisition, the chairman now directly 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 disclosure for this purchase can be found here. Insiders purchased a total of 78,067 shares of company stock valued at $524,747 over the last 90 days. 0.84% of the stock is owned by company insiders.

Wolfspeed 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.