Wolfspeed, Inc. (NYSE:WOLF) Receives $14.86 Average Target Price from Analysts

Shares of Wolfspeed, Inc. (NYSE:WOLF) have been assigned an average recommendation of “Hold” from the sixteen ratings firms that are presently covering the company, Marketbeat reports. 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. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $14.86.

A number of research firms recently issued reports on WOLF. StockNews.com raised shares of Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Canaccord Genuity Group decreased their price objective on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. JPMorgan Chase & Co. lowered their target price on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Mizuho dropped their price objective on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a report on Tuesday, November 19th. Finally, Morgan Stanley increased their price objective on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th.

Wolfspeed Stock Performance

WOLF opened at $5.63 on Friday. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The stock has a market capitalization of $718.37 million, a price-to-earnings ratio of -0.73 and a beta of 1.43. The company has a fifty day moving average of $7.35 and a 200 day moving average of $10.27. Wolfspeed has a fifty-two week low of $4.66 and a fifty-two week high of $30.87.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. As a group, sell-side analysts forecast that Wolfspeed will post -4.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Wolfspeed news, Director Glenda Dorchak purchased 3,592 shares of Wolfspeed stock in a transaction on Friday, November 22nd. The stock was bought at an average cost of $8.33 per share, with a total value of $29,921.36. Following the transaction, the director now owns 18,688 shares of the company’s stock, valued at $155,671.04. This represents a 23.79 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Thomas H. Werner acquired 37,500 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were acquired at an average price of $6.53 per share, with a total value of $244,875.00. Following the completion of the purchase, the chairman now owns 108,549 shares in the company, valued at approximately $708,824.97. This trade represents a 52.78 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 78,067 shares of company stock valued at $524,747. Insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors have recently modified their holdings of WOLF. Iridian Asset Management LLC CT grew its holdings in Wolfspeed by 319.9% during the third quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after acquiring an additional 397,057 shares during the period. Public Sector Pension Investment Board acquired a new stake in shares of Wolfspeed during the 3rd quarter worth approximately $2,590,000. Primecap Management Co. CA increased its holdings in shares of Wolfspeed by 5.0% during the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock valued at $61,587,000 after purchasing an additional 303,870 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Wolfspeed by 41.4% in the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after purchasing an additional 173,409 shares during the period. Finally, Rheos Capital Works Inc. boosted its holdings in Wolfspeed by 140.8% during the third quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock worth $4,147,000 after buying an additional 250,000 shares in the last quarter.

Wolfspeed Company Profile

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.