Susquehanna Cuts Wolfspeed (NYSE:WOLF) Price Target to $20.00

Wolfspeed (NYSE:WOLF) had its price objective trimmed by Susquehanna from $30.00 to $20.00 in a research report report published on Thursday, Marketbeat reports. They currently have a neutral rating on the stock.

Several other analysts have also recently weighed in on the company. Wall Street Zen raised Wolfspeed to a “hold” rating in a report on Saturday, November 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a report on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $8.83.

Wolfspeed Stock Down 6.4%

Shares of WOLF opened at $17.95 on Thursday. The company has a 50-day moving average price of $19.22 and a two-hundred day moving average price of $13.83. The stock has a market cap of $464.60 million and a price-to-earnings ratio of -28.48. Wolfspeed has a 12 month low of $8.05 and a 12 month high of $36.60.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, October 29th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.05. The company had revenue of $196.80 million during the quarter, compared to analyst estimates of $195.37 million. Equities research analysts expect that Wolfspeed will post -4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Capital Research Global Investors bought a new position in Wolfspeed during the third quarter worth about $79,426,000. Two Seas Capital LP acquired a new stake in shares of Wolfspeed during the second quarter valued at about $962,000. XTX Topco Ltd boosted its stake in shares of Wolfspeed by 4,954.1% during the second quarter. XTX Topco Ltd now owns 982,770 shares of the company’s stock valued at $392,000 after purchasing an additional 963,325 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Wolfspeed by 94.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock worth $5,718,000 after purchasing an additional 906,968 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Wolfspeed by 176.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after acquiring an additional 881,603 shares during the last quarter.

About Wolfspeed

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.