Wolfspeed (NYSE:WOLF) Price Target Cut to $47.00 by Analysts at Canaccord Genuity Group

Wolfspeed (NYSE:WOLF) had its price target trimmed by Canaccord Genuity Group from $50.00 to $47.00 in a report released on Thursday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms also recently commented on WOLF. William Blair downgraded shares of Wolfspeed from an outperform rating to a market perform rating in a report on Thursday. TD Cowen downgraded Wolfspeed from a buy rating to a hold rating and cut their price target for the stock from $40.00 to $25.00 in a research note on Thursday. Mizuho dropped their target price on shares of Wolfspeed from $30.00 to $27.00 and set a neutral rating for the company in a report on Thursday. Roth Mkm reiterated a buy rating and issued a $50.00 price target on shares of Wolfspeed in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Wolfspeed from $35.00 to $30.00 and set a hold rating on the stock in a research note on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $37.27.

Wolfspeed Price Performance

NYSE:WOLF traded up $1.77 during midday trading on Thursday, reaching $25.33. The stock had a trading volume of 5,927,773 shares, compared to its average volume of 5,565,011. The company has a debt-to-equity ratio of 5.55, a quick ratio of 4.58 and a current ratio of 4.58. Wolfspeed has a 12-month low of $20.63 and a 12-month high of $70.42. The firm has a fifty day simple moving average of $26.61 and a two-hundred day simple moving average of $32.05.

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 96.12% and a negative return on equity of 27.37%. The business had revenue of $208.40 million for the quarter, compared to analyst estimates of $205.94 million. On average, sell-side analysts predict that Wolfspeed will post -3.05 earnings per share for the current year.

Institutional Trading of Wolfspeed

Institutional investors have recently modified their holdings of the company. State of Michigan Retirement System raised its position in Wolfspeed by 1.0% in the fourth quarter. State of Michigan Retirement System now owns 30,022 shares of the company’s stock worth $1,306,000 after acquiring an additional 300 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in Wolfspeed by 2.8% during the third quarter. DekaBank Deutsche Girozentrale now owns 11,573 shares of the company’s stock worth $435,000 after buying an additional 317 shares in the last quarter. Independence Bank of Kentucky grew its position in Wolfspeed by 97.0% in the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after buying an additional 350 shares during the last quarter. Fox Run Management L.L.C. increased its holdings in shares of Wolfspeed by 3.4% in the third quarter. Fox Run Management L.L.C. now owns 13,407 shares of the company’s stock valued at $511,000 after buying an additional 437 shares in the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of Wolfspeed by 56.9% during the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock valued at $37,000 after acquiring an additional 452 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.