Wolfspeed (NYSE:WOLF) Price Target Cut to $19.00 by Analysts at The Goldman Sachs Group

Wolfspeed (NYSE:WOLF) had its price target lowered by research analysts at The Goldman Sachs Group from $22.00 to $19.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price points to a potential upside of 89.81% from the stock’s previous close.

WOLF has been the subject of several other research reports. Roth Mkm cut their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday. Mizuho cut Wolfspeed from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $17.00 to $8.00 in a research report on Thursday, October 3rd. Morgan Stanley increased their target price on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft cut their target price on Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. Finally, TD Cowen cut their target price on Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $17.36.

Wolfspeed Stock Performance

Shares of WOLF opened at $10.01 on Thursday. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99. The business has a 50-day simple moving average of $10.92 and a two-hundred day simple moving average of $18.06. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of -1.44 and a beta of 1.46. Wolfspeed has a 52 week low of $7.28 and a 52 week high of $47.43.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($1.11) EPS for the quarter, topping analysts’ consensus estimates of ($1.20) by $0.09. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. The business had revenue of $194.70 million during the quarter, compared to analysts’ expectations of $200.11 million. On average, analysts expect that Wolfspeed will post -4.07 EPS for the current year.

Institutional Investors Weigh In On Wolfspeed

Several institutional investors have recently modified their holdings of WOLF. Mather Group LLC. lifted its stake in shares of Wolfspeed by 385.5% in the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after purchasing an additional 933 shares during the last quarter. Eastern Bank bought a new stake in shares of Wolfspeed in the 3rd quarter valued at approximately $27,000. GAMMA Investing LLC lifted its stake in shares of Wolfspeed by 416.4% in the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after purchasing an additional 3,664 shares during the last quarter. Signaturefd LLC lifted its stake in shares of Wolfspeed by 284.3% in the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after purchasing an additional 1,544 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its stake in shares of Wolfspeed by 64.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after acquiring an additional 691 shares during 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.