Wolfspeed (NYSE:WOLF) Price Target Cut to $25.00

Wolfspeed (NYSE:WOLF) had its target price decreased by Susquehanna from $35.00 to $25.00 in a research report report published on Tuesday, Benzinga reports. Susquehanna currently has a neutral rating on the stock.

Several other equities research analysts have also commented on WOLF. JPMorgan Chase & Co. dropped their price target on shares of Wolfspeed from $43.00 to $35.00 and set a neutral rating on the stock in a research note on Thursday, April 11th. Piper Sandler dropped their price target on shares of Wolfspeed from $55.00 to $45.00 and set an overweight rating on the stock in a research note on Thursday, February 1st. Wells Fargo & Company restated an equal weight rating and issued a $30.00 price target (down previously from $55.00) on shares of Wolfspeed in a research note on Wednesday, April 3rd. Finally, Mizuho assumed coverage on shares of Wolfspeed in a research note on Friday, April 5th. They set a neutral rating and a $30.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $41.88.

Wolfspeed Price Performance

Shares of NYSE:WOLF opened at $26.24 on Tuesday. The firm’s 50 day moving average is $26.56 and its two-hundred day moving average is $32.34. Wolfspeed has a 52 week low of $21.85 and a 52 week high of $70.42. The firm has a market capitalization of $3.30 billion, a P/E ratio of -4.32 and a beta of 1.66. The company has a current ratio of 5.13, a quick ratio of 4.58 and a debt-to-equity ratio of 4.50.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.10. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. The company had revenue of $208.40 million for the quarter, compared to analyst estimates of $205.94 million. Analysts anticipate that Wolfspeed will post -3.05 earnings per share for the current year.

Insiders Place Their Bets

In other Wolfspeed news, Director Darren R. Jackson purchased 10,000 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were purchased at an average price of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the transaction, the director now owns 49,021 shares in the company, valued at approximately $1,264,741.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.62% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Wolfspeed by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 12,629,335 shares of the company’s stock worth $549,502,000 after purchasing an additional 157,668 shares during the period. Norges Bank acquired a new position in Wolfspeed in the 4th quarter worth approximately $308,701,000. Artisan Partners Limited Partnership boosted its stake in Wolfspeed by 15.5% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock worth $114,261,000 after purchasing an additional 352,609 shares during the period. Primecap Management Co. CA boosted its stake in Wolfspeed by 1.6% in the 4th quarter. Primecap Management Co. CA now owns 1,906,494 shares of the company’s stock worth $82,952,000 after purchasing an additional 29,700 shares during the period. Finally, FengHe Fund Management Pte. Ltd. boosted its stake in Wolfspeed by 438.9% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock worth $62,272,000 after purchasing an additional 1,165,600 shares during the period.

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.