Wolfspeed (NYSE:WOLF) Given New $30.00 Price Target at Susquehanna

Wolfspeed (NYSE:WOLF) had its target price lowered by analysts at Susquehanna from $40.00 to $30.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Susquehanna’s target price would indicate a potential downside of 5.06% from the company’s previous close.

WOLF has been the topic of a number of other research reports. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $25.00.

Wolfspeed Trading Up 7.5%

NYSE WOLF traded up $2.22 on Tuesday, hitting $31.60. 701,253 shares of the stock traded hands, compared to its average volume of 4,421,343. Wolfspeed has a twelve month low of $8.05 and a twelve month high of $80.82. The company has a market capitalization of $1.64 billion and a P/E ratio of -3.00. The stock has a 50-day moving average of $50.50 and a 200 day moving average of $31.32.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.78) by $0.52. The firm had revenue of $150.20 million for the quarter, compared to the consensus estimate of $150.00 million. The business’s revenue for the quarter was down 19.0% compared to the same quarter last year. During the same quarter last year, the business earned ($0.72) earnings per share.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Renesas Electronics America Inc. bought a new position in shares of Wolfspeed during the fourth quarter valued at $293,400,000. UBS Group AG boosted its position in Wolfspeed by 3,413.9% in the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock valued at $22,103,000 after buying an additional 1,233,419 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Wolfspeed by 94.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock worth $5,718,000 after buying an additional 906,968 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Wolfspeed by 176.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after buying an additional 881,603 shares in the last quarter. Finally, Calamos Advisors LLC bought a new position in shares of Wolfspeed in the fourth quarter valued at approximately $12,451,000.

Wolfspeed Company Profile

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.