Canaccord Genuity Group Trims Wolfspeed (NYSE:WOLF) Target Price to $45.00

Wolfspeed (NYSE:WOLF) had its target price decreased by Canaccord Genuity Group from $47.00 to $45.00 in a research report sent to investors on Tuesday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other equities research analysts have also recently issued reports on WOLF. JPMorgan Chase & Co. lowered their price objective on Wolfspeed from $43.00 to $35.00 and set a neutral rating on the stock in a research note on Thursday, April 11th. Citigroup reduced their target price on Wolfspeed from $29.00 to $25.00 and set a neutral rating for the company in a report on Thursday, May 2nd. TD Cowen lowered Wolfspeed from a buy rating to a hold rating and reduced their target price for the company from $40.00 to $25.00 in a report on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft cut their price objective on Wolfspeed from $30.00 to $25.00 and set a hold rating for the company in a report on Tuesday, May 7th. Finally, Morgan Stanley cut their price objective on Wolfspeed from $26.00 to $23.00 and set an equal weight rating for the company in a report on Tuesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, Wolfspeed currently has a consensus rating of Hold and a consensus target price of $35.43.

Wolfspeed Trading Up 1.1 %

Shares of Wolfspeed stock opened at $23.23 on Tuesday. Wolfspeed has a 1 year low of $20.63 and a 1 year high of $70.42. The firm has a market cap of $2.92 billion, a PE ratio of -3.60 and a beta of 1.60. The stock has a fifty day moving average price of $25.67 and a 200-day moving average price of $29.75. The company has a debt-to-equity ratio of 5.55, a current ratio of 4.58 and a quick ratio of 4.00.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, May 1st. The company reported ($0.79) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.82) by $0.03. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. The business had revenue of $200.70 million for the quarter, compared to analysts’ expectations of $201.49 million. Equities research analysts anticipate that Wolfspeed will post -3.18 EPS for the current year.

Insider Buying and Selling at Wolfspeed

In related news, Director Marvin Riley acquired 1,866 shares of the stock in a transaction on Tuesday, May 28th. The stock was purchased at an average price of $27.05 per share, for a total transaction of $50,475.30. Following the completion of the transaction, the director now owns 13,297 shares of the company’s stock, valued at approximately $359,683.85. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Wolfspeed by 3.6% in the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after purchasing an additional 449,732 shares in the last quarter. Norges Bank purchased a new stake in shares of Wolfspeed in the fourth quarter worth $308,701,000. Artisan Partners Limited Partnership grew its stake in shares of Wolfspeed by 15.5% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock worth $114,261,000 after acquiring an additional 352,609 shares during the last quarter. Primecap Management Co. CA grew its stake in shares of Wolfspeed by 1.6% in the fourth quarter. Primecap Management Co. CA now owns 1,906,494 shares of the company’s stock worth $82,952,000 after acquiring an additional 29,700 shares during the last quarter. Finally, FengHe Fund Management Pte. Ltd. grew its stake in shares of Wolfspeed by 438.9% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock worth $62,272,000 after acquiring an additional 1,165,600 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.