Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Wolfspeed Inc shares valued at $260,358 were purchased by REPLOGLE JOHN B on Feb 02 ’24. At $26.04 per share, REPLOGLE JOHN B acquired 10,000 shares. The insider’s holdings grew to 96,788 shares worth approximately $2.65 million following the completion of this transaction.
Also, JACKSON DARREN R purchased 10,000 shares, netting a total of over 257,954 in proceeds. Following the buying of shares at $25.80 each, the insider now holds 49,021 shares.
Before that, Smith Stacy J had added 9,450 shares to its account. In a trade valued at $249,018, the Director bought Wolfspeed Inc shares for $26.35 each. Upon closing the transaction, the insider’s holdings increased to 9,450 shares, worth approximately $0.48 million.
As published in their initiating research note from Mizuho on April 05, 2024, Wolfspeed Inc [WOLF] has been a Neutral and the price target has been revised to $30. Analysts at Wells Fargo downgraded the stock from ‘”an Overweight”‘ to ‘”an Equal weight”‘ outlook in a report released in early April. As of May 18, 2023, Jefferies has initiated its “Hold” rating for WOLF. Earlier on April 27, 2023, Oppenheimer downgraded its rating. Their new recommendation was “a Perform” for WOLF stock which previously was a “an Outperform”.
Analyzing WOLF Stock Performance
During the last five days, there has been a surge of approximately 1.41%. Over the course of the year, Wolfspeed Inc shares have dropped approximately -37.03%. Shares of the company reached a 52-week high of $44.77 on 01/02/24 and a 52-week low of $23.54 on 02/26/24. A 50-day SMA is recorded $27.42, while a 200-day SMA reached $39.58. Nevertheless, trading volume fell to 3.36 million shares from 2.56 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 26.92, which, if violated, would cause prices to drop to 26.45. In the upper region, resistance lies at 27.82. The next price resistance is at 28.24. RSI (Relative Strength Index) is 48.96 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.07, which suggests the price will decrease in the coming days. Percent R is at 67.56%, indicating low price movement. Stochastics %K at holding 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 Mar 28, 2024 jumping by 0.57 million shares to 20.29 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 19.72 million shares. A jump of 2.81% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.77 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.77.
