Aequim Alternative Investments LP Raises Stake in Wolfspeed, Inc. (NYSE:WOLF)

Aequim Alternative Investments LP raised its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 20.2% in the third quarter, Holdings Channel reports. The institutional investor owned 196,836 shares of the company’s stock after buying an additional 33,036 shares during the quarter. Aequim Alternative Investments LP’s holdings in Wolfspeed were worth $1,909,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Iridian Asset Management LLC CT boosted its stake in Wolfspeed by 319.9% during the third quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after buying an additional 397,057 shares during the period. Public Sector Pension Investment Board purchased a new stake in shares of Wolfspeed in the 3rd quarter valued at about $2,590,000. Primecap Management Co. CA boosted its position 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 valued at $61,587,000 after acquiring an additional 303,870 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Wolfspeed by 41.4% during the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after acquiring an additional 173,409 shares during the last quarter. Finally, Rheos Capital Works Inc. increased its position 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 purchasing an additional 250,000 shares during the last quarter.

Wolfspeed Trading Up 6.6 %

NYSE WOLF opened at $10.08 on Tuesday. The stock has a market cap of $1.29 billion, a P/E ratio of -1.69 and a beta of 1.38. Wolfspeed, Inc. has a fifty-two week low of $6.10 and a fifty-two week high of $47.43. The stock has a 50 day simple moving average of $10.93 and a two-hundred day simple moving average of $15.49. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14.

Analyst Ratings Changes

Several equities research analysts have issued reports on WOLF shares. Piper Sandler reiterated an “overweight” rating and set a $18.00 target price (down from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. The Goldman Sachs Group reduced their target price on Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Roth Mkm dropped their price target on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. TD Cowen reduced their price objective on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. Finally, Bank of America decreased their price objective on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a report on Friday, August 23rd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $17.21.

Insider Buying and Selling

In other news, Director Glenda Dorchak bought 3,592 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was purchased at an average price of $8.33 per share, with a total value of $29,921.36. Following the transaction, the director now owns 18,688 shares of the company’s stock, valued at approximately $155,671.04. The trade was a 23.79 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Darren R. Jackson purchased 36,975 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were purchased at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the transaction, the director now directly owns 85,996 shares of the company’s stock, valued at $581,332.96. This represents a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 78,067 shares of company stock valued at $524,747 over the last quarter. 0.84% of the stock is owned by company insiders.

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.