Wolfspeed’s (WOLF) Overweight Rating Reaffirmed at Piper Sandler

Wolfspeed (NYSE:WOLF)‘s stock had its “overweight” rating reiterated by equities researchers at Piper Sandler in a research note issued to investors on Thursday, Benzinga reports. They currently have a $18.00 price target on the stock, down from their previous price target of $20.00. Piper Sandler’s price objective suggests a potential upside of 68.54% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the stock. The Goldman Sachs Group cut their target price on shares of Wolfspeed from $48.00 to $28.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Bank of America cut their price objective on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a report on Friday, August 23rd. Morgan Stanley boosted their target price on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. New Street Research downgraded Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target for the company. in a research note on Wednesday, August 7th. Finally, Canaccord Genuity Group reduced their price target on Wolfspeed from $45.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $22.29.

Wolfspeed Stock Down 22.1 %

Shares of WOLF traded down $3.03 during mid-day trading on Thursday, reaching $10.68. The company’s stock had a trading volume of 11,111,261 shares, compared to its average volume of 6,455,463. Wolfspeed has a 1 year low of $7.28 and a 1 year high of $47.43. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99. The company has a market cap of $1.36 billion, a price-to-earnings ratio of -1.50 and a beta of 1.46. The business has a fifty day moving average of $10.96 and a 200 day moving average of $18.23.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($1.11) EPS for the quarter, topping analysts’ consensus estimates of ($1.20) by $0.09. The firm had revenue of $194.70 million during the quarter, compared to analyst estimates of $200.11 million. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. As a group, analysts forecast that Wolfspeed will post -4.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Wolfspeed by 3.6% during the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after acquiring an additional 449,732 shares during the period. Primecap Management Co. CA raised its position in shares of Wolfspeed by 15.3% during the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after buying an additional 800,540 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Wolfspeed by 14.3% during the second quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after buying an additional 147,527 shares during the last quarter. Samlyn Capital LLC raised its position in shares of Wolfspeed by 51.6% during the second quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after buying an additional 343,277 shares during the last quarter. Finally, Janus Henderson Group PLC raised its position in shares of Wolfspeed by 2.0% during the first quarter. Janus Henderson Group PLC now owns 720,961 shares of the company’s stock valued at $21,265,000 after buying an additional 14,007 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.