Mizuho Cuts Wolfspeed (NYSE:WOLF) Price Target to $6.00

Wolfspeed (NYSE:WOLF) had its price target cut by Mizuho from $10.00 to $6.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “underperform” rating on the stock. Mizuho’s price target indicates a potential downside of 6.83% from the stock’s current price.

Several other research analysts have also recently weighed in on the company. Roth Mkm lowered their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. New Street Research cut Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price for the company. in a report on Wednesday, August 7th. Canaccord Genuity Group reduced their price target on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Piper Sandler reissued an “overweight” rating and set a $18.00 price target (down previously from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. Finally, Susquehanna cut their price objective on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $17.21.

Wolfspeed Stock Performance

Shares of WOLF opened at $6.44 on Tuesday. Wolfspeed has a 52-week low of $6.27 and a 52-week high of $47.43. The stock has a market cap of $822.47 million, a PE ratio of -1.08 and a beta of 1.46. The firm’s fifty day moving average is $10.74 and its two-hundred day moving average is $17.01. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings results 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). Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. The business had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. Research analysts forecast that Wolfspeed will post -4.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Wolfspeed by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after purchasing an additional 449,732 shares in the last quarter. Primecap Management Co. CA raised its stake in Wolfspeed by 5.0% during the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after acquiring an additional 303,870 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in shares of Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after purchasing an additional 2,189,500 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Wolfspeed by 14.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock worth $26,796,000 after buying an additional 147,527 shares during the last quarter. Finally, Samlyn Capital LLC boosted its holdings in shares of Wolfspeed by 51.6% in the second quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after acquiring an additional 343,277 shares during the period.

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.