Canaccord Genuity Group Lowers Wolfspeed (NYSE:WOLF) Price Target to $25.00

Wolfspeed (NYSE:WOLF) had its price objective cut by investment analysts at Canaccord Genuity Group from $45.00 to $25.00 in a report released on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 156.41% from the company’s previous close.

Several other brokerages have also issued reports on WOLF. New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target for the company. in a research note on Wednesday, August 7th. Susquehanna dropped their target price on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, August 22nd. TD Cowen reduced their price target on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. Finally, William Blair lowered shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Wolfspeed currently has an average rating of “Hold” and an average price target of $24.53.

Wolfspeed Stock Performance

NYSE:WOLF opened at $9.75 on Thursday. The stock has a market cap of $1.23 billion, a P/E ratio of -1.51 and a beta of 1.60. The company has a quick ratio of 4.00, a current ratio of 4.58 and a debt-to-equity ratio of 5.55. The business’s 50-day moving average price is $18.17 and its two-hundred day moving average price is $23.58. Wolfspeed has a twelve month low of $9.72 and a twelve month high of $48.82.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently made changes to their positions in the business. TFO Wealth Partners LLC raised its position in shares of Wolfspeed by 57,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after purchasing an additional 574 shares during the last quarter. Mather Group LLC. lifted its stake in shares of Wolfspeed by 385.5% in the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after buying an additional 933 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of Wolfspeed by 56.9% during the first quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock valued at $37,000 after buying an additional 452 shares during the last quarter. Signaturefd LLC increased its position in shares of 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 acquiring an additional 1,544 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its holdings in Wolfspeed by 64.8% in 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.