Glenda Dorchak Acquires 3,592 Shares of Wolfspeed, Inc. (NYSE:WOLF) Stock

Wolfspeed, Inc. (NYSE:WOLF) Director Glenda Dorchak acquired 3,592 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was purchased at an average price of $8.33 per share, for a total transaction of $29,921.36. Following the acquisition, the director now directly owns 18,688 shares in the company, valued at $155,671.04. This represents a 23.79 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website.

Wolfspeed Stock Down 10.8 %

Shares of Wolfspeed stock opened at $8.87 on Wednesday. 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, Inc. has a 52-week low of $6.10 and a 52-week high of $47.43. The company has a market capitalization of $1.13 billion, a P/E ratio of -1.49 and a beta of 1.46. The company has a 50 day moving average of $10.74 and a 200 day moving average of $16.60.

Wall Street Analyst Weigh In

A number of research firms have weighed in on WOLF. Piper Sandler reissued an “overweight” rating and issued a $18.00 target price (down from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. Roth Mkm reduced their price target on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Susquehanna cut their price objective on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Bank of America decreased their target price on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research report on Friday, August 23rd. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Wolfspeed currently has a consensus rating of “Hold” and a consensus target price of $17.21.

Institutional Investors Weigh In On Wolfspeed

Several institutional investors have recently modified their holdings of WOLF. Virtu Financial LLC increased its holdings in Wolfspeed by 160.8% in the third quarter. Virtu Financial LLC now owns 58,560 shares of the company’s stock valued at $568,000 after buying an additional 36,105 shares during the last quarter. Aequim Alternative Investments LP boosted its position in shares of Wolfspeed by 20.2% during the 3rd quarter. Aequim Alternative Investments LP now owns 196,836 shares of the company’s stock worth $1,909,000 after acquiring an additional 33,036 shares in the last quarter. M&T Bank Corp increased its holdings in shares of Wolfspeed by 120.5% in the 3rd quarter. M&T Bank Corp now owns 64,222 shares of the company’s stock valued at $623,000 after acquiring an additional 35,101 shares during the last quarter. XTX Topco Ltd raised its position in shares of Wolfspeed by 145.4% during the 3rd quarter. XTX Topco Ltd now owns 48,914 shares of the company’s stock worth $474,000 after acquiring an additional 28,983 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its stake in Wolfspeed by 813.6% during 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 last quarter.

Wolfspeed Company 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.