Wolfspeed (NYSE:WOLF) PT Lowered to $23.00 at Susquehanna

Wolfspeed (NYSE:WOLF) had its target price dropped by stock analysts at Susquehanna from $25.00 to $23.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Susquehanna’s target price would suggest a potential downside of 11.88% from the stock’s current price.

Several other equities analysts also recently issued reports on the stock. Piper Sandler cut their price target on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, February 1st. Roth Mkm reaffirmed a “buy” rating and issued a $50.00 target price on shares of Wolfspeed in a research note on Tuesday. Mizuho dropped their target price on shares of Wolfspeed from $30.00 to $27.00 and set a “neutral” rating for the company in a research note on Thursday. TD Cowen downgraded shares of Wolfspeed from a “buy” rating to a “hold” rating and dropped their target price for the stock from $40.00 to $25.00 in a research note on Thursday. Finally, William Blair downgraded shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Wolfspeed has a consensus rating of “Hold” and an average target price of $39.00.

Wolfspeed Trading Down 3.4 %

Shares of WOLF stock opened at $26.10 on Thursday. Wolfspeed has a 12-month low of $21.85 and a 12-month high of $70.42. The company has a market capitalization of $3.28 billion, a P/E ratio of -4.29 and a beta of 1.64. The firm has a 50-day moving average price of $26.62 and a 200 day moving average price of $32.17. The company has a quick ratio of 4.58, a current ratio of 5.13 and a debt-to-equity ratio of 4.50.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.10. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. The firm had revenue of $208.40 million during the quarter, compared to the consensus estimate of $205.94 million. Research analysts forecast that Wolfspeed will post -3.05 earnings per share for the current fiscal year.

Insider Activity at Wolfspeed

In other news, Director Darren R. Jackson acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The stock was purchased at an average price of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the acquisition, the director now owns 49,021 shares in the company, valued at $1,264,741.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Envestnet Asset Management Inc. boosted its holdings in shares of Wolfspeed by 234.5% in the third quarter. Envestnet Asset Management Inc. now owns 168,103 shares of the company’s stock valued at $6,405,000 after buying an additional 117,848 shares during the period. Vanguard Group Inc. lifted its position in shares of Wolfspeed by 1.5% in the third quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock worth $475,171,000 after purchasing an additional 188,236 shares in the last quarter. Boston Partners bought a new stake in shares of Wolfspeed in the third quarter worth $2,032,000. UBS Group AG lifted its position in shares of Wolfspeed by 57.5% in the third quarter. UBS Group AG now owns 219,080 shares of the company’s stock worth $8,347,000 after purchasing an additional 80,011 shares in the last quarter. Finally, UniSuper Management Pty Ltd lifted its position in shares of Wolfspeed by 86.7% in the third quarter. UniSuper Management Pty Ltd now owns 703,822 shares of the company’s stock worth $26,816,000 after purchasing an additional 326,810 shares in 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.