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Insider Buying: Riley Marvin, Wolfspeed Inc [WOLF] Director invested 1,866 shares

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Wolfspeed Inc shares valued at $50,481 were purchased by Riley Marvin on May 28 ’24. At $27.05 per share, Riley Marvin acquired 1,866 shares. The insider’s holdings grew to 13,297 shares worth approximately $0.31 million following the completion of this transaction.

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Also, REPLOGLE JOHN B purchased 10,000 shares, netting a total of over 260,358 in proceeds. Following the buying of shares at $26.04 each, the insider now holds 96,788 shares.

Before that, JACKSON DARREN R had added 10,000 shares to its account. In a trade valued at $257,954, the Director bought Wolfspeed Inc shares for $25.80 each. Upon closing the transaction, the insider’s holdings increased to 10,000 shares, worth approximately $1.16 million.

As published in a research note from William Blair on May 02, 2024, Wolfspeed Inc [WOLF] has been rated down from an Outperform to a Mkt perform. Analysts at TD Cowen downgraded the stock from ‘”a Buy”‘ to ‘”a Hold”‘ outlook in a report released in early May. As of April 05, 2024, Mizuho has initiated its “Neutral” rating for WOLF. Earlier on April 03, 2024, Wells Fargo downgraded its rating. Their new recommendation was “an Equal weight” for WOLF stock which previously was a “an Overweight”.

Analyzing WOLF Stock Performance

During the last five days, there has been a surge of approximately 2.91%. Over the course of the year, Wolfspeed Inc shares have dropped approximately -45.67%. Shares of the company reached a 52-week high of $44.77 on 01/02/24 and a 52-week low of $20.63 on 05/02/24. A 50-day SMA is recorded $25.56, while a 200-day SMA reached $31.07. Nevertheless, trading volume fell to 1.58 million shares from 3.59 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 23.35, which, if violated, would cause prices to drop to 23.06. In the upper region, resistance lies at 24.12. The next price resistance is at 24.60. RSI (Relative Strength Index) is 43.61 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.97, which suggests the price will decrease in the coming days. Percent R is at 75.31%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

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