Intech Investment Management LLC Buys 6,757 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Intech Investment Management LLC boosted its position in Wolfspeed, Inc. (NYSE:WOLF) by 13.8% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 55,700 shares of the company’s stock after acquiring an additional 6,757 shares during the quarter. Intech Investment Management LLC’s holdings in Wolfspeed were worth $540,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Primecap Management Co. CA grew its stake in Wolfspeed by 15.3% in the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after acquiring an additional 800,540 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Wolfspeed by 1,158.0% in the 3rd 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. Iridian Asset Management LLC CT grew its position in Wolfspeed by 319.9% in the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after purchasing an additional 397,057 shares during the period. Samlyn Capital LLC increased its stake in Wolfspeed by 51.6% during the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after purchasing an additional 343,277 shares in the last quarter. Finally, Yong Rong HK Asset Management Ltd acquired a new position in Wolfspeed during the third quarter worth $2,988,000.

Wolfspeed Stock Up 7.4 %

Wolfspeed stock opened at $9.58 on Monday. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. The company has a market capitalization of $1.22 billion, a P/E ratio of -1.61 and a beta of 1.46. The firm has a 50 day moving average price of $10.78 and a 200-day moving average price of $16.23. Wolfspeed, Inc. has a twelve month low of $6.10 and a twelve month high of $47.43.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, Director Glenda Dorchak purchased 3,592 shares of the stock in a transaction dated Friday, November 22nd. The shares were bought at an average price of $8.33 per share, with a total value of $29,921.36. Following the completion of the transaction, the director now directly owns 18,688 shares in the company, valued at approximately $155,671.04. This trade represents a 23.79 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Thomas H. Werner purchased 37,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were acquired at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the purchase, the chairman now directly owns 108,549 shares in the company, valued at $708,824.97. This represents a 52.78 % increase in their position. 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.

Analyst Ratings Changes

A number of research analysts have recently issued reports on WOLF shares. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. The Goldman Sachs Group lowered their price objective on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. New Street Research cut Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price on the stock. in a research report on Wednesday, August 7th. 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. Finally, Susquehanna dropped their price objective on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Wolfspeed has an average rating of “Hold” and a consensus price target of $17.21.

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.