Wolfspeed’s (WOLF) Market Perform Rating Reiterated at Oppenheimer

Oppenheimer reaffirmed their market perform rating on shares of Wolfspeed (NYSE:WOLF) in a research report sent to investors on Tuesday, Benzinga reports.

A number of other brokerages also recently issued reports on WOLF. Roth Mkm restated a buy rating and set a $50.00 price objective on shares of Wolfspeed in a research report on Tuesday, April 30th. TD Cowen downgraded Wolfspeed from a buy rating to a hold rating and decreased their price objective for the company from $40.00 to $25.00 in a research report on Thursday, May 2nd. Wells Fargo & Company reaffirmed an equal weight rating and set a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a research note on Wednesday, April 3rd. JPMorgan Chase & Co. cut their target price 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, Canaccord Genuity Group cut their target price on Wolfspeed from $47.00 to $45.00 and set a buy rating on the stock in a research note on Tuesday, June 25th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $35.43.

Wolfspeed Price Performance

NYSE:WOLF opened at $24.78 on Tuesday. The company has a current ratio of 4.58, a quick ratio of 4.00 and a debt-to-equity ratio of 5.55. The company has a market capitalization of $3.12 billion, a P/E ratio of -3.84 and a beta of 1.60. Wolfspeed has a 12 month low of $20.63 and a 12 month high of $70.42. The business’s 50-day moving average is $25.43 and its 200 day moving average is $28.44.

Wolfspeed (NYSE:WOLF) last issued 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 the consensus estimate of $201.49 million. On average, equities research analysts forecast that Wolfspeed will post -3.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Marvin Riley bought 1,866 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were acquired at an average price of $27.05 per share, with a total value of $50,475.30. Following the transaction, the director now owns 13,297 shares of the company’s stock, valued at $359,683.85. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.85% of the stock is owned by insiders.

Institutional Trading of Wolfspeed

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of Wolfspeed by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after purchasing an additional 449,732 shares during the last quarter. Norges Bank purchased a new stake in shares of Wolfspeed during the 4th quarter valued at $308,701,000. Artisan Partners Limited Partnership lifted its holdings in shares of Wolfspeed by 15.5% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock valued at $114,261,000 after purchasing an additional 352,609 shares during the last quarter. Primecap Management Co. CA lifted its holdings in shares of Wolfspeed by 1.6% during the 4th quarter. Primecap Management Co. CA now owns 1,906,494 shares of the company’s stock valued at $82,952,000 after purchasing an additional 29,700 shares during the last quarter. Finally, FengHe Fund Management Pte. Ltd. lifted its holdings in shares of Wolfspeed by 438.9% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock valued at $62,272,000 after purchasing 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.