Wolfspeed (NYSE:WOLF) Trading 12.6% Higher – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF)’s stock price was up 12.6% during trading on Monday . The stock traded as high as $10.81 and last traded at $10.79. Approximately 5,691,999 shares changed hands during mid-day trading, a decline of 21% from the average daily volume of 7,195,322 shares. The stock had previously closed at $9.58.

Analyst Ratings Changes

A number of brokerages have weighed in on WOLF. Mizuho reduced their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a report on Tuesday, November 19th. Morgan Stanley raised their target price on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. New Street Research cut shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price objective for the company. in a research report on Wednesday, August 7th. TD Cowen lowered their target price on Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. Finally, Canaccord Genuity Group reduced their target price on Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $17.21.

Wolfspeed Stock Performance

The company’s 50-day moving average is $10.78 and its two-hundred day moving average is $16.17. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. The company has a market cap of $1.37 billion, a P/E ratio of -1.73 and a beta of 1.46.

Insider Buying and Selling

In related news, Chairman Thomas H. Werner bought 37,500 shares of Wolfspeed stock in a transaction on Wednesday, November 20th. The stock was acquired at an average price of $6.53 per share, with a total value of $244,875.00. Following the acquisition, the chairman now directly owns 108,549 shares of the company’s stock, valued at $708,824.97. This represents a 52.78 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Glenda Dorchak purchased 3,592 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was purchased at an average cost 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 approximately $155,671.04. This trade represents a 23.79 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 78,067 shares of company stock valued at $524,747. 0.84% of the stock is owned by company insiders.

Institutional Trading of Wolfspeed

Several institutional investors have recently added to or reduced their stakes in WOLF. Primecap Management Co. CA grew its stake in Wolfspeed by 5.0% in 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. Two Sigma Advisers LP lifted its position in Wolfspeed by 813.6% during the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after purchasing an additional 2,189,500 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of 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 acquiring an additional 147,527 shares during the period. Samlyn Capital LLC increased its position in shares of Wolfspeed by 51.6% during the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after purchasing an additional 343,277 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Wolfspeed by 2.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock worth $8,451,000 after acquiring an additional 21,143 shares during the period.

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.