Analysts Set Wolfspeed, Inc. (NYSE:WOLF) Price Target at $34.27

Wolfspeed, Inc. (NYSE:WOLF) has been assigned a consensus recommendation of “Hold” from the sixteen ratings firms that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $34.27.

Several research firms have issued reports on WOLF. William Blair cut shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 2nd. Morgan Stanley lowered their price objective on shares of Wolfspeed from $26.00 to $23.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 25th. Roth Mkm reissued a “buy” rating and issued a $50.00 price objective on shares of Wolfspeed in a research report on Tuesday, April 30th. Citigroup lowered their price objective on shares of Wolfspeed from $29.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Finally, Canaccord Genuity Group lowered their price objective on shares of Wolfspeed from $47.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, June 25th.

Insider Activity at Wolfspeed

In other news, Director Marvin Riley bought 1,866 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was bought at an average price of $27.05 per share, with a total value of $50,475.30. Following the completion of the transaction, the director now directly owns 13,297 shares of the company’s stock, valued at approximately $359,683.85. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.62% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Wolfspeed

Hedge funds and other institutional investors have recently bought and sold shares of the company. TFO Wealth Partners LLC increased its stake in Wolfspeed by 57,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after purchasing an additional 574 shares in the last quarter. Mather Group LLC. increased its stake in Wolfspeed by 385.5% during the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after purchasing an additional 933 shares in the last quarter. Fifth Third Bancorp increased its stake in Wolfspeed by 56.9% during the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock valued at $37,000 after purchasing an additional 452 shares in the last quarter. Rakuten Securities Inc. acquired a new position in Wolfspeed during the 4th quarter valued at approximately $48,000. Finally, Signaturefd LLC increased its stake in Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after purchasing an additional 1,544 shares in the last quarter.

Wolfspeed Price Performance

Wolfspeed stock opened at $11.55 on Friday. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of -1.79 and a beta of 1.60. 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 has a 1 year low of $11.53 and a 1 year high of $56.56. The firm has a 50-day moving average of $21.70 and a two-hundred day moving average of $24.97.

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.