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

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

Other analysts also recently issued research reports about the company. Piper Sandler dropped their price target on 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 reiterated an equal weight rating and set a $30.00 price target (down previously from $55.00) on shares of Wolfspeed in a research note on Wednesday, April 3rd. JPMorgan Chase & Co. dropped their price target on Wolfspeed from $43.00 to $35.00 and set a neutral rating on the stock in a research note on Thursday, April 11th. Finally, Mizuho started coverage on Wolfspeed in a research note on Friday, April 5th. They set a neutral rating and a $30.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $41.88.

Wolfspeed Stock Up 5.5 %

Shares of WOLF stock opened at $26.24 on Tuesday. Wolfspeed has a 1-year low of $21.85 and a 1-year high of $70.42. The stock’s fifty day moving average price is $26.56 and its 200 day moving average price is $32.34. The company has a debt-to-equity ratio of 4.50, a current ratio of 5.13 and a quick ratio of 4.58. The company has a market cap of $3.30 billion, a price-to-earnings ratio of -4.32 and a beta of 1.66.

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

Insider Buying and Selling

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

Institutional Investors Weigh In On Wolfspeed

Several large investors have recently bought and sold shares of the company. New York State Teachers Retirement System increased its stake in Wolfspeed by 0.3% during the 1st quarter. New York State Teachers Retirement System now owns 143,499 shares of the company’s stock worth $4,233,000 after buying an additional 500 shares in the last quarter. Capital Investment Advisory Services LLC grew its position in shares of Wolfspeed by 21.7% in the first quarter. Capital Investment Advisory Services LLC now owns 10,545 shares of the company’s stock valued at $311,000 after purchasing an additional 1,880 shares in the last quarter. Louisiana State Employees Retirement System grew its position in shares of Wolfspeed by 2.8% in the first quarter. Louisiana State Employees Retirement System now owns 36,200 shares of the company’s stock valued at $1,068,000 after purchasing an additional 1,000 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Wolfspeed by 56.9% in the first 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. Finally, State of Michigan Retirement System grew its position in shares of Wolfspeed by 3.0% in the first quarter. State of Michigan Retirement System now owns 30,922 shares of the company’s stock valued at $912,000 after purchasing an additional 900 shares in 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.