Wolfspeed (NYSE:WOLF) Price Target Cut to $23.00

Wolfspeed (NYSE:WOLF) had its price target lowered by equities research analysts at Morgan Stanley from $26.00 to $23.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 0.22% from the company’s current price.

WOLF has been the topic of a number of other reports. Wells Fargo & Company restated an “equal weight” rating and set a $30.00 price objective (down from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. Roth Mkm reiterated a “buy” rating and issued a $50.00 price target on shares of Wolfspeed in a research note on Tuesday, April 30th. Susquehanna lowered their price target on shares of Wolfspeed from $25.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. William Blair lowered shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 2nd. Finally, TD Cowen lowered shares of Wolfspeed from a “buy” rating to a “hold” rating and lowered their price target for the company from $40.00 to $25.00 in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $35.57.

Wolfspeed Trading Down 2.7 %

Shares of NYSE:WOLF opened at $22.95 on Tuesday. Wolfspeed has a 12 month low of $20.63 and a 12 month high of $70.42. The company has a quick ratio of 4.00, a current ratio of 4.58 and a debt-to-equity ratio of 5.55. The company’s fifty day simple moving average is $25.80 and its 200 day simple moving average is $29.96. The firm has a market cap of $2.89 billion, a price-to-earnings ratio of -3.55 and a beta of 1.60.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.79) EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.49 million. As a group, research analysts forecast that Wolfspeed will post -3.13 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Marvin Riley bought 1,866 shares of Wolfspeed stock in a transaction that occurred on Tuesday, May 28th. The stock was acquired at an average price of $27.05 per share, with a total value of $50,475.30. Following the acquisition, the director now owns 13,297 shares of the company’s stock, valued at approximately $359,683.85. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.85% of the stock is currently owned by insiders.

Institutional Trading of Wolfspeed

Institutional investors have recently bought and sold shares of the business. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Wolfspeed in the 3rd quarter valued at approximately $262,000. Envestnet Asset Management Inc. increased its position in Wolfspeed by 234.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 168,103 shares of the company’s stock worth $6,405,000 after purchasing an additional 117,848 shares in the last quarter. Hsbc Holdings PLC increased its position in Wolfspeed by 1.9% during the 3rd quarter. Hsbc Holdings PLC now owns 43,094 shares of the company’s stock worth $1,644,000 after purchasing an additional 804 shares in the last quarter. Tower Research Capital LLC TRC increased its position in Wolfspeed by 72.5% during the 3rd quarter. Tower Research Capital LLC TRC now owns 21,096 shares of the company’s stock worth $804,000 after purchasing an additional 8,866 shares in the last quarter. Finally, Nomura Holdings Inc. increased its position in Wolfspeed by 61.5% during the 3rd quarter. Nomura Holdings Inc. now owns 32,771 shares of the company’s stock worth $1,249,000 after purchasing an additional 12,474 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.