Wolfspeed, Inc. (NYSE:WOLF) Receives $36.36 Consensus PT from Brokerages

Wolfspeed, Inc. (NYSE:WOLF) has received an average rating of “Hold” from the fourteen analysts that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, nine have issued a hold recommendation and four have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $36.36.

WOLF has been the topic of several analyst reports. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. TD Cowen downgraded shares of Wolfspeed from a “buy” rating to a “hold” rating and lowered their target price for the company from $40.00 to $25.00 in a report on Thursday, May 2nd. Citigroup lowered their target price on shares of Wolfspeed from $29.00 to $25.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. Mizuho lifted their target price on shares of Wolfspeed from $27.00 to $28.00 and gave the company a “neutral” rating in a report on Tuesday, June 18th. Finally, William Blair downgraded shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a report on Thursday, May 2nd.

Wolfspeed Trading Down 0.7 %

Shares of Wolfspeed stock opened at $23.59 on Friday. Wolfspeed has a 1 year low of $20.63 and a 1 year high of $70.42. The company has a debt-to-equity ratio of 5.55, a quick ratio of 4.00 and a current ratio of 4.58. The company has a market capitalization of $2.97 billion, a P/E ratio of -3.65 and a beta of 1.60. The company’s fifty day moving average is $25.85 and its two-hundred day moving average is $30.08.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.79) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.82) by $0.03. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 27.37%. The company had revenue of $200.70 million for the quarter, compared to the consensus estimate of $201.49 million. Analysts forecast that Wolfspeed will post -3.13 earnings per share for the current year.

Insiders Place Their Bets

In other Wolfspeed news, Director Marvin Riley bought 1,866 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was bought at an average price of $27.05 per share, for a total transaction of $50,475.30. Following the completion of the transaction, the director now owns 13,297 shares in the company, valued at approximately $359,683.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.62% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Wolfspeed

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State of Michigan Retirement System grew its holdings in shares of Wolfspeed by 1.0% during the fourth quarter. State of Michigan Retirement System now owns 30,022 shares of the company’s stock worth $1,306,000 after buying an additional 300 shares in the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of Wolfspeed by 2.8% during the third quarter. DekaBank Deutsche Girozentrale now owns 11,573 shares of the company’s stock worth $435,000 after buying an additional 317 shares in the last quarter. Independence Bank of Kentucky grew its holdings in shares of Wolfspeed by 97.0% during the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after buying an additional 350 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of Wolfspeed by 56.9% during the first quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock worth $37,000 after buying an additional 452 shares in the last quarter. Finally, Capital Investment Advisory Services LLC grew its holdings in shares of Wolfspeed by 6.1% during the fourth quarter. Capital Investment Advisory Services LLC now owns 8,665 shares of the company’s stock worth $377,000 after buying an additional 500 shares in the last quarter.

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.