Wolfspeed (NYSE:WOLF) Shares Gap Up – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF) gapped up prior to trading on Friday . The stock had previously closed at $6.63, but opened at $6.80. Wolfspeed shares last traded at $6.83, with a volume of 1,106,941 shares trading hands.

Wall Street Analysts Forecast Growth

WOLF has been the topic of several research reports. Roth Mkm lowered their price objective on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Mizuho lowered their target price 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. StockNews.com raised Wolfspeed to a “sell” rating in a report on Tuesday, December 31st. Canaccord Genuity Group dropped their target price on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. decreased their price target on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Three 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Trading Up 8.1 %

The firm’s 50-day simple moving average is $9.09 and its 200 day simple moving average is $12.95. The firm has a market cap of $915.70 million, a P/E ratio of -1.21 and a beta of 1.38. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82.

Insider Buying and Selling at Wolfspeed

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

Institutional Investors Weigh In On Wolfspeed

Several institutional investors have recently made changes to their positions in WOLF. Arizona State Retirement System raised its stake in shares of Wolfspeed by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock valued at $802,000 after purchasing an additional 775 shares during the period. Quest Partners LLC lifted its holdings in shares of Wolfspeed by 264.9% in the second quarter. Quest Partners LLC now owns 9,127 shares of the company’s stock worth $208,000 after buying an additional 6,626 shares in the last quarter. Texas Permanent School Fund Corp boosted its position in shares of Wolfspeed by 23.0% in the second quarter. Texas Permanent School Fund Corp now owns 135,262 shares of the company’s stock valued at $3,079,000 after acquiring an additional 25,296 shares during the period. Global X Japan Co. Ltd. grew its stake in Wolfspeed by 51.6% during the second quarter. Global X Japan Co. Ltd. now owns 14,523 shares of the company’s stock valued at $331,000 after acquiring an additional 4,941 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Wolfspeed in the 2nd quarter worth approximately $2,147,000.

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.