Wolfspeed (NYSE:WOLF) Price Target Cut to $45.00

Wolfspeed (NYSE:WOLF) had its price target lowered by investment analysts at Canaccord Genuity Group from $47.00 to $45.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 95.91% from the stock’s current price.

A number of other equities analysts have also recently commented on WOLF. Citigroup dropped their price target on shares of Wolfspeed from $29.00 to $25.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. JPMorgan Chase & Co. reduced their price target on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. TD Cowen lowered shares of Wolfspeed from a “buy” rating to a “hold” rating and reduced their price target for the company from $40.00 to $25.00 in a report on Thursday, May 2nd. Mizuho boosted their price target 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, Morgan Stanley reduced their price objective on shares of Wolfspeed from $26.00 to $23.00 and set an “equal weight” rating for the company in a research note on Tuesday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and a consensus target price of $35.43.

Wolfspeed Stock Performance

Shares of NYSE WOLF opened at $22.97 on Tuesday. 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 cap of $2.89 billion, a P/E ratio of -3.56 and a beta of 1.60. The firm’s fifty day moving average is $25.68 and its two-hundred day moving average is $29.79. Wolfspeed has a 52-week low of $20.63 and a 52-week high of $70.42.

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 during the quarter, compared to analysts’ expectations of $201.49 million. As a group, analysts anticipate that Wolfspeed will post -3.18 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Marvin Riley acquired 1,866 shares of Wolfspeed stock in a transaction on Tuesday, May 28th. The stock was bought at an average cost 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 of the company’s stock, valued at approximately $359,683.85. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.62% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Wolfspeed

A number of hedge funds have recently modified their holdings of the business. Envestnet Portfolio Solutions Inc. acquired a new stake in Wolfspeed during the third quarter worth about $262,000. Envestnet Asset Management Inc. increased its position in Wolfspeed by 234.5% during the third 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 during the last quarter. Hsbc Holdings PLC increased its position in Wolfspeed by 1.9% during the third quarter. Hsbc Holdings PLC now owns 43,094 shares of the company’s stock worth $1,644,000 after purchasing an additional 804 shares during the last quarter. Tower Research Capital LLC TRC increased its position in Wolfspeed by 72.5% during the third 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 during the last quarter. Finally, Nomura Holdings Inc. increased its position in Wolfspeed by 61.5% during the third 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 during the last quarter.

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.