Analysts Set Wolfspeed, Inc. (NYSE:WOLF) Target Price at $17.21

Wolfspeed, Inc. (NYSE:WOLF) has been assigned a consensus recommendation of “Hold” from the sixteen research firms that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, ten have given a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $17.21.

Several research firms have commented on WOLF. Susquehanna lowered 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. JPMorgan Chase & Co. cut their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Mizuho lowered their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research report on Tuesday, November 19th. Roth Mkm dropped their price objective on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Finally, Canaccord Genuity Group dropped their price target on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, November 7th.

Wolfspeed Stock Performance

NYSE:WOLF opened at $8.25 on Friday. The company has a market cap of $1.05 billion, a price-to-earnings ratio of -1.39 and a beta of 1.38. Wolfspeed has a 1 year low of $6.10 and a 1 year high of $47.43. The stock’s 50 day simple moving average is $10.88 and its two-hundred day simple moving average is $14.99. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54.

Insider Activity

In other news, Chairman Thomas H. Werner bought 37,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was bought at an average price of $6.53 per share, with a total value of $244,875.00. Following the completion of the transaction, the chairman now directly owns 108,549 shares of the company’s stock, valued at approximately $708,824.97. The trade was a 52.78 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Darren R. Jackson purchased 36,975 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was purchased at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the acquisition, the director now directly owns 85,996 shares of the company’s stock, valued at approximately $581,332.96. The trade was a 75.43 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 78,067 shares of company stock worth $524,747. 0.84% of the stock is currently owned by corporate insiders.

Institutional Trading of Wolfspeed

A number of institutional investors have recently bought and sold shares of WOLF. Eastern Bank purchased a new stake in Wolfspeed in the third quarter valued at approximately $27,000. GAMMA Investing LLC raised its holdings in shares of Wolfspeed by 416.4% during the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock worth $44,000 after purchasing an additional 3,664 shares during the last quarter. Signaturefd LLC lifted its position in Wolfspeed by 284.3% during the second 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 period. Asset Management One Co. Ltd. boosted its holdings in Wolfspeed by 69.0% in the third quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock valued at $69,000 after purchasing an additional 2,885 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Wolfspeed during the 2nd quarter valued at about $75,000.

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.