Wolfspeed (NYSE:WOLF) Given “Market Perform” Rating at Oppenheimer

Oppenheimer reiterated their market perform rating on shares of Wolfspeed (NYSE:WOLF) in a report published on Tuesday, Benzinga reports.

Other equities research analysts have also recently issued reports about the stock. William Blair cut shares of Wolfspeed from an outperform rating to a market perform rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. dropped their price target on Wolfspeed from $43.00 to $35.00 and set a neutral rating for the company in a research note on Thursday, April 11th. Morgan Stanley decreased their price objective on shares of Wolfspeed from $26.00 to $23.00 and set an equal weight rating on the stock in a research note on Tuesday, June 25th. Citigroup cut their target price on Wolfspeed from $29.00 to $25.00 and set a neutral rating for the company in a research note on Thursday, May 2nd. Finally, TD Cowen cut Wolfspeed from a buy rating to a hold rating and lowered their price target for the stock from $40.00 to $25.00 in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of Hold and a consensus target price of $35.43.

Wolfspeed Stock Performance

WOLF stock opened at $23.06 on Tuesday. The firm has a market cap of $2.90 billion, a PE ratio of -3.57 and a beta of 1.60. The company has a current ratio of 4.58, a quick ratio of 4.00 and a debt-to-equity ratio of 5.55. The business’s 50-day moving average price is $25.44 and its two-hundred day moving average price is $28.50. Wolfspeed has a 1-year low of $20.63 and a 1-year high of $70.42.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, May 1st. The company reported ($0.79) earnings per share 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 firm had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.49 million. As a group, research analysts forecast that Wolfspeed will post -3.21 earnings per share for the current year.

Insider Transactions at Wolfspeed

In other Wolfspeed news, Director Marvin Riley acquired 1,866 shares of the stock in a transaction dated Tuesday, May 28th. The shares were acquired 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 directly owns 13,297 shares of the company’s stock, valued at $359,683.85. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.85% of the company’s stock.

Institutional Trading of Wolfspeed

Several institutional investors have recently added to or reduced their stakes in WOLF. TFO Wealth Partners LLC raised its holdings in Wolfspeed by 57,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after purchasing an additional 574 shares in the last quarter. Mather Group LLC. increased its position in shares of Wolfspeed by 385.5% during the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after purchasing an additional 933 shares in the last quarter. Independence Bank of Kentucky lifted its holdings in shares of Wolfspeed by 97.0% during the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after purchasing an additional 350 shares during the last quarter. Fifth Third Bancorp grew its stake in Wolfspeed by 56.9% during the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock worth $37,000 after buying an additional 452 shares during the last quarter. Finally, Rakuten Securities Inc. purchased a new stake in Wolfspeed in the fourth quarter valued at about $48,000.

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.