Virtu Financial LLC Raises Stake in Wolfspeed, Inc. (NYSE:WOLF)

Virtu Financial LLC lifted its position in Wolfspeed, Inc. (NYSE:WOLF) by 160.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 58,560 shares of the company’s stock after purchasing an additional 36,105 shares during the period. Virtu Financial LLC’s holdings in Wolfspeed were worth $568,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of WOLF. Two Sigma Advisers LP increased its stake in Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after buying an additional 2,189,500 shares in the last quarter. Primecap Management Co. CA grew its position in shares of Wolfspeed by 15.3% during the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock worth $137,591,000 after purchasing an additional 800,540 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Wolfspeed by 1,158.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock worth $8,082,000 after purchasing an additional 766,971 shares in the last quarter. Erste Asset Management GmbH bought a new stake in Wolfspeed during the 3rd quarter valued at approximately $4,542,000. Finally, Iridian Asset Management LLC CT lifted its holdings in Wolfspeed by 319.9% in the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after purchasing an additional 397,057 shares in the last quarter.

Insiders Place Their Bets

In other news, Director Darren R. Jackson acquired 36,975 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was acquired at an average price of $6.76 per share, with a total value of $249,951.00. Following the completion of the purchase, the director now directly owns 85,996 shares in the company, valued at approximately $581,332.96. This trade represents a 75.43 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 acquired at an average cost of $6.53 per share, for a total transaction of $244,875.00. Following the purchase, the chairman now owns 108,549 shares of the company’s stock, valued at approximately $708,824.97. The trade was a 52.78 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 78,067 shares of company stock valued at $524,747 over the last three months. 0.84% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group reduced their price objective on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a research report 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 report on Thursday, November 7th. TD Cowen dropped their price objective on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. Morgan Stanley lifted their target price on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Finally, Susquehanna dropped their price target on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Stock Performance

NYSE WOLF opened at $8.25 on Friday. The business’s 50 day moving average price is $10.88 and its 200-day moving average price is $15.06. Wolfspeed, Inc. has a fifty-two week low of $6.10 and a fifty-two week high of $47.43. The company has a market cap of $1.05 billion, a P/E ratio of -1.39 and a beta of 1.38. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14.

Wolfspeed 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.