Wolfspeed (NYSE:WOLF) Price Target Lowered to $15.00 at Bank of America

Wolfspeed (NYSE:WOLF) had its price objective lowered by equities research analysts at Bank of America from $25.00 to $15.00 in a research report issued on Friday, Benzinga reports. The firm presently has an “underperform” rating on the stock. Bank of America‘s target price indicates a potential upside of 16.96% from the company’s previous close.

A number of other research firms also recently commented on WOLF. Morgan Stanley reduced their price objective on shares of Wolfspeed from $23.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 15th. Mizuho reduced their price objective on shares of Wolfspeed from $28.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday. TD Cowen reduced their price objective on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research note on Thursday. New Street Research downgraded shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price objective on the stock. in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $25.87.

Wolfspeed Price Performance

WOLF opened at $12.83 on Friday. The company has a fifty day simple moving average of $19.84 and a 200 day simple moving average of $24.24. The firm has a market cap of $1.61 billion, a price-to-earnings ratio of -1.99 and a beta of 1.60. Wolfspeed has a twelve month low of $11.53 and a twelve month high of $49.32. The company has a current ratio of 4.58, a quick ratio of 4.00 and a debt-to-equity ratio of 5.55.

Insider Buying and Selling

In other news, Director Marvin Riley acquired 1,866 shares of the company’s stock in a transaction that occurred 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 acquisition, the director now directly owns 13,297 shares in the company, valued at $359,683.85. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.62% of the company’s stock.

Institutional Trading of Wolfspeed

Large investors have recently modified their holdings of the company. Ecofi Investissements SA acquired a new position in Wolfspeed during the 2nd quarter valued at about $1,251,000. Algert Global LLC increased its stake in Wolfspeed by 31.4% during the 2nd quarter. Algert Global LLC now owns 53,076 shares of the company’s stock valued at $1,208,000 after buying an additional 12,676 shares during the period. Dark Forest Capital Management LP acquired a new position in Wolfspeed during the 2nd quarter valued at about $681,000. Point72 DIFC Ltd acquired a new position in Wolfspeed during the 2nd quarter valued at about $1,515,000. Finally, Marshall Wace LLP increased its stake in Wolfspeed by 56.5% during the 2nd quarter. Marshall Wace LLP now owns 200,112 shares of the company’s stock valued at $4,555,000 after buying an additional 72,212 shares during the period.

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.