Wolfspeed (NYSE:WOLF) Price Target Lowered to $7.00 at Susquehanna

Wolfspeed (NYSE:WOLF) had its target price reduced by Susquehanna from $11.00 to $7.00 in a report published on Wednesday morning,Benzinga reports. Susquehanna currently has a neutral rating on the stock.

A number of other equities analysts have also commented on WOLF. Canaccord Genuity Group cut their price target on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Mizuho cut their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a report on Tuesday, November 19th. Roth Mkm decreased their price target on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. The Goldman Sachs Group cut their price objective on Wolfspeed from $19.00 to $17.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $18.00 target price (down from $20.00) on shares of Wolfspeed in a report on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $16.79.

Wolfspeed Stock Down 1.5 %

Shares of NYSE WOLF opened at $6.19 on Wednesday. The company has a 50 day simple moving average of $7.56 and a 200 day simple moving average of $11.38. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. Wolfspeed has a 1 year low of $4.66 and a 1 year high of $37.29. The firm has a market cap of $789.90 million, a PE ratio of -1.04 and a beta of 1.43.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, Director Glenda Dorchak purchased 3,592 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was acquired at an average price of $8.33 per share, for a total transaction of $29,921.36. Following the purchase, the director now owns 18,688 shares of the company’s stock, valued at $155,671.04. This trade represents a 23.79 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Thomas H. Werner acquired 37,500 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was acquired at an average cost of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the purchase, the chairman now directly owns 108,549 shares of the company’s stock, valued at approximately $708,824.97. This represents a 52.78 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 78,067 shares of company stock valued at $524,747. Corporate insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently made changes to their positions in WOLF. Primecap Management Co. CA increased its holdings in Wolfspeed by 5.0% during the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after purchasing an additional 303,870 shares in the last quarter. Two Sigma Advisers LP boosted its position in shares of Wolfspeed by 813.6% during the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after buying an additional 2,189,500 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Wolfspeed by 2.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock valued at $8,451,000 after buying an additional 21,143 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Wolfspeed by 1,158.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock valued at $8,082,000 after buying an additional 766,971 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Wolfspeed by 30.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 637,581 shares of the company’s stock valued at $14,513,000 after buying an additional 149,093 shares during the last quarter.

Wolfspeed Company Profile

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.