Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Wolfspeed Inc. shares valued at $272,840 were purchased by LE DUY LOAN T on Nov 18. At $90.95 per share, LE DUY LOAN T acquired 3,000 shares. The insider’s holdings grew to 5,000 shares worth approximately $0.37 million following the completion of this transaction.
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Also, LE DUY LOAN T purchased 2,000 shares, netting a total of over 182,080 in proceeds. Following the buying of shares at $91.04 each, the insider now holds 29,662 shares.
Before that, LE DUY LOAN T had added 2,000 shares to its account. In a trade valued at $147,640, the Director bought Wolfspeed Inc. shares for $73.82 each. Upon closing the transaction, the insider’s holdings increased to 2,000 shares, worth approximately $2.07 million.
As published in their initiating research note from Susquehanna on December 12, 2022, Wolfspeed Inc. [WOLF] has been a Neutral and the price target has been revised to $90. This represents a 16.89% premium over Wednesday’s closing price. Analysts at JP Morgan upgraded the stock from ‘”a Neutral”‘ to ‘”an Overweight”‘ outlook in a report released in late October. As of October 17, 2022, William Blair has initiated its “an Outperform” rating for WOLF.
Analyzing WOLF Stock Performance
On Wednesday, Wolfspeed Inc. [NYSE: WOLF] rose 1.11% to $74.80. The stock’s lowest price that day was $73.78, but it reached a high of $77.72 in the same session. During the last five days, there has been a surge of approximately 3.12%. Over the course of the year, Wolfspeed Inc. shares have jumped approximately 8.34%. Shares of the company reached a 52-week high of $87.93 on 02/02/23 and a 52-week low of $65.83 on 01/03/23. A 50-day SMA is recorded $76.60, while a 200-day SMA reached $85.57. Nevertheless, trading volume fell to 1.75 million shares from 1.23 million shares the previous day.
Support And Resistance Levels for Wolfspeed Inc. (WOLF)
According to the 24-hour chart, there is a support level at 73.15, which, if violated, would cause prices to drop to 71.49. In the upper region, resistance lies at 77.09. The next price resistance is at 79.37. RSI (Relative Strength Index) is 46.08 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -3.01, which suggests the price will decrease in the coming days. Percent R is at 73.60%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Wolfspeed Inc. subject to short interest?
Stocks of Wolfspeed Inc. saw a sharp rise in short interest on Jan 30, 2023 jumping by 0.73 million shares to 15.52 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 14.79 million shares. A jump of 4.7% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 5.85 of the overall float, the days-to-cover ratio (short ratio) jumped to 5.85.
Which companies own the most shares of Wolfspeed Inc. (WOLF)?
According to Capital Research & Management Co filings, the company currently owns 15,428,273 shares, which is about 12.40% of the total WOLF shares outstanding. The investor’s shares have appreciated by 1,800,156 from its previous 13-F filing of 13628117.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $906,127,769. BlackRock Fund Advisors acquire a 9.14% interest valued at $880.33 million while Capital Research & Management Co purchased a 634,993 stake. A total of 3,078,585 shares of Wolfspeed Inc. were bought by Capital Research & Management Co during the quarter, and -382,909 were sold by ClearBridge Investments LLC. In its current portfolio, SSgA Funds Management, Inc. holds 4,211,849 shares valued at $324.35 million.
In terms of Wolfspeed Inc. share price expectations, FactSet research, analysts set an average price target of $92.32 in the next 12 months, up nearly 28.41% from the previous closing price of $73.98. Analysts anticipate Wolfspeed Inc. stock to reach $115.00 by 2023, with the lowest price target being $60.00. In spite of this, 22 analysts ranked Wolfspeed Inc. stock as an Overweight at the end of 2023. On September 13, 2022, Evercore ISI assigned a price target of “an Outperform” to the stock and initiated coverage with a $155.