The Manufacturers Life Insurance Company Has $458,000 Holdings in Wolfspeed, Inc. (NYSE:WOLF)

The Manufacturers Life Insurance Company lessened its position in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 65.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,253 shares of the company's stock after selling 88,260 shares during the period. The Manufacturers Life Insurance Company's holdings in Wolfspeed were worth $458,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Eastern Bank acquired a new position in Wolfspeed during the third quarter worth $27,000. GAMMA Investing LLC lifted its position in Wolfspeed by 416.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company's stock worth $44,000 after buying an additional 3,664 shares in the last quarter. Signaturefd LLC boosted its stake in shares of Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company's stock worth $48,000 after buying an additional 1,544 shares during the last quarter. Asset Management One Co. Ltd. grew its holdings in shares of Wolfspeed by 69.0% in the 3rd quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company's stock valued at $69,000 after acquiring an additional 2,885 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Wolfspeed in the 2nd quarter valued at about $75,000.

Insider Buying and Selling

In other Wolfspeed news, Chairman Thomas H. Werner acquired 37,500 shares of the company's stock in a transaction on Wednesday, November 20th. The stock was acquired at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the purchase, the chairman now directly owns 108,549 shares of the company's stock, valued at $708,824.97. This trade represents a 52.78 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Glenda Dorchak acquired 3,592 shares of the business's stock in a transaction on Friday, November 22nd. The stock was acquired at an average cost of $8.33 per share, with a total value of $29,921.36. Following the acquisition, 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 ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 78,067 shares of company stock valued at $524,747. Insiders own 0.84% of the company's stock.

Wolfspeed Stock Performance

WOLF stock traded down $0.25 during mid-day trading on Monday, hitting $8.00. 8,854,543 shares of the company were exchanged, compared to its average volume of 7,374,693. Wolfspeed, Inc. has a 1-year low of $6.10 and a 1-year high of $47.43. The business has a 50 day simple moving average of $10.88 and a 200-day simple moving average of $14.99. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. The stock has a market capitalization of $1.02 billion, a PE ratio of -1.39 and a beta of 1.38.

Analyst Upgrades and Downgrades

WOLF has been the subject of several recent research reports. Roth Mkm reduced their price target on Wolfspeed from $25.00 to $20.00 and set a "buy" rating for the company in a research report on Thursday, November 7th. JPMorgan Chase & Co. cut their price objective on Wolfspeed from $20.00 to $17.00 and set a "neutral" rating for the company in a report on Thursday, November 7th. Susquehanna decreased their target price on shares of Wolfspeed from $16.00 to $11.00 and set a "neutral" rating for the company in a research note on Thursday, November 7th. Canaccord Genuity Group dropped their price target on shares of Wolfspeed from $25.00 to $18.00 and set a "buy" rating on the stock in a research report on Thursday, November 7th. Finally, Morgan Stanley lifted their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, Wolfspeed currently has an average rating of "Hold" and an average price target of $17.21.

Wolfspeed Company 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.