Mizuho Trims Wolfspeed (NYSE:WOLF) Target Price to $27.00

Wolfspeed (NYSE:WOLF) had its target price decreased by investment analysts at Mizuho from $30.00 to $27.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Mizuho’s price target suggests a potential upside of 3.45% from the company’s current price.

WOLF has been the subject of several other reports. Roth Mkm reaffirmed a “buy” rating and set a $50.00 price objective on shares of Wolfspeed in a research report on Tuesday. JPMorgan Chase & Co. decreased their price target on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. TD Cowen cut Wolfspeed from a “buy” rating to a “hold” rating and decreased their target price for the stock from $40.00 to $25.00 in a research note on Thursday. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $30.00 price target (down from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. Finally, William Blair cut shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $39.13.

Wolfspeed Stock Performance

Shares of WOLF opened at $26.10 on Thursday. Wolfspeed has a 1 year low of $21.85 and a 1 year high of $70.42. The stock has a market capitalization of $3.28 billion, a PE ratio of -4.29 and a beta of 1.64. The company has a debt-to-equity ratio of 4.50, a quick ratio of 4.58 and a current ratio of 5.13. The stock has a 50-day simple moving average of $26.60 and a 200-day simple moving average of $32.22.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $205.94 million. On average, analysts predict that Wolfspeed will post -3.05 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Darren R. Jackson acquired 10,000 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were bought at an average cost of $25.80 per share, with a total value of $258,000.00. Following the purchase, the director now owns 49,021 shares of the company’s stock, valued at approximately $1,264,741.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.62% of the company’s stock.

Institutional Trading of Wolfspeed

Hedge funds have recently modified their holdings of the business. TFO Wealth Partners LLC grew its holdings in Wolfspeed by 57,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after acquiring an additional 574 shares during the period. Independence Bank of Kentucky grew its stake in shares of Wolfspeed by 97.0% during the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after purchasing an additional 350 shares during the period. Fifth Third Bancorp increased its holdings in shares of Wolfspeed by 56.9% in the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock valued at $37,000 after purchasing an additional 452 shares in the last quarter. Rakuten Securities Inc. acquired a new stake in shares of Wolfspeed in the fourth quarter valued at about $48,000. Finally, GAMMA Investing LLC purchased a new stake in Wolfspeed during the fourth quarter worth about $56,000.

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.