M&T Bank Corp Buys 35,101 Shares of Wolfspeed, Inc. (NYSE:WOLF)

M&T Bank Corp increased its stake in Wolfspeed, Inc. (NYSE:WOLF) by 120.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,222 shares of the company’s stock after buying an additional 35,101 shares during the period. M&T Bank Corp’s holdings in Wolfspeed were worth $623,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Primecap Management Co. CA grew its holdings in shares of Wolfspeed by 5.0% during the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after acquiring an additional 303,870 shares during the period. Two Sigma Advisers LP grew its stake in Wolfspeed by 813.6% in the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after purchasing an additional 2,189,500 shares during the period. Bank of New York Mellon Corp raised its holdings in Wolfspeed by 14.3% in the second quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock worth $26,796,000 after purchasing an additional 147,527 shares in the last quarter. Samlyn Capital LLC lifted its position in Wolfspeed by 51.6% during the second quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after buying an additional 343,277 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Wolfspeed by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock valued at $8,451,000 after buying an additional 21,143 shares in the last quarter.

Analyst Ratings Changes

WOLF has been the subject of several research reports. Canaccord Genuity Group decreased their price target on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Deutsche Bank Aktiengesellschaft decreased their target price 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. The Goldman Sachs Group dropped their price target on Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. JPMorgan Chase & Co. reduced their price objective on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Finally, Susquehanna dropped their target price on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Two 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. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $17.21.

Insider Buying and Selling

In related news, Chairman Thomas H. Werner bought 37,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were bought at an average cost of $6.53 per share, with a total value of $244,875.00. Following the acquisition, the chairman now 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Darren R. Jackson purchased 36,975 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were bought at an average cost of $6.76 per share, with a total value of $249,951.00. Following the acquisition, the director now directly owns 85,996 shares of the company’s stock, valued at $581,332.96. This trade represents a 75.43 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 78,067 shares of company stock worth $524,747. 0.84% of the stock is owned by insiders.

Wolfspeed Stock Performance

Shares of NYSE WOLF opened at $7.85 on Wednesday. The firm’s 50-day moving average price is $10.84 and its 200-day moving average price is $14.86. Wolfspeed, Inc. has a 52-week low of $6.10 and a 52-week high of $47.43. The company has a market cap of $1.00 billion, a PE ratio of -1.32 and a beta of 1.38. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82.

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.