Wolfspeed, Inc. (NYSE:WOLF) Stock Has Average Price Target of $23.33

Shares of Wolfspeed, Inc. (NYSE:WOLF) have been assigned an average rating of “Hold” from the five ratings firms that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $22.67.

WOLF has been the subject of several research reports. Susquehanna reduced their target price on Wolfspeed from $30.00 to $25.00 and set a “neutral” rating for the company in a research report on Wednesday, October 21st. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday. TD Cowen lowered their price target on shares of Wolfspeed from $25.00 to $23.00 and set a “hold” rating on the stock in a report on Thursday, November 5th. Zacks Research upgraded shares of Wolfspeed to a “hold” rating in a research note on Friday, September 25th. Finally, Weiss Ratings cut shares of Wolfspeed from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, October 23rd.

Institutional Trading of Wolfspeed

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Penn Capital Management Company LLC grew its stake in shares of Wolfspeed by 12.4% in the 3rd quarter. Penn Capital Management Company LLC now owns 577,475 shares of the company’s stock valued at $16,270,000 after purchasing an additional 63,500 shares during the period. CenterBook Partners LP acquired a new stake in Wolfspeed in the 3rd quarter valued at $2,990,000. Prescott Group Capital Management L.L.C. bought a new stake in Wolfspeed in the third quarter valued at $3,094,000. Brooklands Fund Management Ltd bought a new stake in Wolfspeed in the third quarter valued at $25,376,000. Finally, Apollon Wealth Management LLC bought a new stake in Wolfspeed in the third quarter valued at $246,000.

Wolfspeed Trading Up 10.1%

Shares of WOLF stock opened at $26.18 on Tuesday. The stock has a 50 day moving average of $26.29 and a two-hundred day moving average of $30.22. Wolfspeed has a 12 month low of $13.48 and a 12 month high of $80.82. The company has a market capitalization of $1.39 billion, a P/E ratio of -1.84 and a beta of 8.67.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, November 4th. The company reported ($2.03) earnings per share for the quarter, missing the consensus estimate of ($1.99) by ($0.04). The firm had revenue of $155.00 million during the quarter, compared to the consensus estimate of $149.86 million. The company’s quarterly revenue was down 21.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.55) earnings per share. Sell-side analysts predict that Wolfspeed will post -8.27 earnings per share for the current fiscal year.

About Wolfspeed