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 stock in a transaction dated Friday, November 22nd. The stock was bought at an average cost of $8.33 per share, with a total value of $29,921.36. Following the completion of the purchase, the director now directly owns 18,688 shares in the company, 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 filing with the SEC, which is available through this link.

Wolfspeed Stock Performance

Shares of Wolfspeed stock opened at $8.89 on Thursday. The company has a 50 day moving average price of $10.74 and a 200 day moving average price of $16.50. The firm has a market capitalization of $1.14 billion, a P/E ratio of -1.49 and a beta of 1.46. 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft decreased their price target on Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Roth Mkm decreased their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Mizuho dropped their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 19th. Piper Sandler restated an “overweight” rating and issued a $18.00 price objective (down from $20.00) on shares of Wolfspeed in a report on Thursday, November 7th. Finally, Morgan Stanley increased 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. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and a consensus price target of $17.21.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in WOLF. Mather Group LLC. increased its position in shares of Wolfspeed by 385.5% in the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after acquiring an additional 933 shares during the period. Eastern Bank purchased a new position in shares of Wolfspeed in the third quarter worth about $27,000. GAMMA Investing LLC increased its holdings in Wolfspeed by 416.4% in the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock worth $44,000 after buying an additional 3,664 shares during the period. Signaturefd LLC raised its position in Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after buying an additional 1,544 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its stake in Wolfspeed by 64.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock valued at $52,000 after acquiring an additional 691 shares during the period.

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.