Thrivent Financial for Lutherans Purchases 68,423 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Thrivent Financial for Lutherans boosted its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 225.0% during the 3rd quarter, Holdings Channel reports. The fund owned 98,832 shares of the company’s stock after buying an additional 68,423 shares during the period. Thrivent Financial for Lutherans’ holdings in Wolfspeed were worth $959,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. bought a new stake in Wolfspeed during the 1st quarter valued at $245,000. Tidal Investments LLC boosted its position in Wolfspeed by 77.7% during the first quarter. Tidal Investments LLC now owns 14,927 shares of the company’s stock valued at $440,000 after purchasing an additional 6,529 shares in the last quarter. Comerica Bank grew its stake in Wolfspeed by 7.3% in the first quarter. Comerica Bank now owns 71,605 shares of the company’s stock valued at $2,112,000 after purchasing an additional 4,842 shares during the last quarter. Boston Partners bought a new position in Wolfspeed in the first quarter worth about $1,621,000. Finally, Mather Group LLC. lifted its position in shares of Wolfspeed by 385.5% during the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after buying an additional 933 shares during the last quarter.

Insider Activity at Wolfspeed

In related news, Director Glenda Dorchak acquired 3,592 shares of the stock in a transaction on Friday, November 22nd. The shares were acquired at an average price of $8.33 per share, for a total transaction of $29,921.36. Following the transaction, the director now owns 18,688 shares in the company, valued at approximately $155,671.04. This trade represents a 23.79 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Thomas H. Werner bought 37,500 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were purchased at an average cost of $6.53 per share, with a total value of $244,875.00. Following the completion of the acquisition, the chairman now owns 108,549 shares in the company, valued at approximately $708,824.97. This represents a 52.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 78,067 shares of company stock worth $524,747 over the last three months. Company insiders own 0.84% of the company’s stock.

Wolfspeed Stock Performance

Shares of NYSE WOLF opened at $11.10 on Tuesday. The company has a 50 day simple moving average of $10.78 and a two-hundred day simple moving average of $16.17. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of -1.73 and a beta of 1.46. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. Wolfspeed, Inc. has a 12 month low of $6.10 and a 12 month high of $47.43.

Analyst Ratings Changes

WOLF has been the topic of a number of analyst reports. Roth Mkm cut their price objective 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. Mizuho cut their price target on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a report on Tuesday, November 19th. Susquehanna decreased their price objective on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. JPMorgan Chase & Co. dropped their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Finally, Bank of America decreased their price target on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research note on Friday, August 23rd. Two investment 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’s stock. Based on data from MarketBeat.com, Wolfspeed has an average rating of “Hold” and a consensus target price of $17.21.

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.