Wolfspeed (NYSE:WOLF) PT Raised to $15.00 at Morgan Stanley

Wolfspeed (NYSE:WOLF) had its price objective lifted by Morgan Stanley from $10.00 to $15.00 in a research report released on Wednesday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Several other research analysts have also recently issued reports on the company. Susquehanna lowered their price objective on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, August 22nd. Oppenheimer reaffirmed a “market perform” rating on shares of Wolfspeed in a report on Tuesday, July 9th. Mizuho cut shares of Wolfspeed from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $17.00 to $8.00 in a report on Thursday, October 3rd. Bank of America lowered their target price on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a report on Friday, August 23rd. Finally, New Street Research lowered shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Wolfspeed has an average rating of “Hold” and an average price target of $22.43.

Wolfspeed Stock Down 1.3 %

Shares of Wolfspeed stock opened at $16.00 on Wednesday. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99. Wolfspeed has a 52-week low of $7.28 and a 52-week high of $47.43. The company has a market capitalization of $2.01 billion, a P/E ratio of -2.48 and a beta of 1.52. The company has a 50 day moving average of $10.48 and a 200 day moving average of $19.35.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). The firm had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.11 million. Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. As a group, research analysts forecast that Wolfspeed will post -3.84 EPS for the current fiscal year.

Institutional Trading of Wolfspeed

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Slow Capital Inc. grew its position in Wolfspeed by 53.2% in the 3rd quarter. Slow Capital Inc. now owns 210,496 shares of the company’s stock valued at $2,042,000 after buying an additional 73,107 shares during the last quarter. Rheos Capital Works Inc. lifted its stake in shares of Wolfspeed by 140.8% in the 3rd quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock worth $4,147,000 after acquiring an additional 250,000 shares during the period. Vontobel Holding Ltd. boosted its holdings in shares of Wolfspeed by 5.1% in the third quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company’s stock valued at $364,000 after acquiring an additional 1,835 shares in the last quarter. Creative Planning acquired a new position in shares of Wolfspeed during the third quarter worth about $224,000. Finally, Inspire Investing LLC raised its holdings in Wolfspeed by 178.3% during the third quarter. Inspire Investing LLC now owns 42,906 shares of the company’s stock worth $416,000 after purchasing an additional 27,487 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.