Wolfspeed (NYSE:WOLF) Price Target Lowered to $25.00 at Susquehanna

Wolfspeed (NYSE:WOLF) had its price objective reduced by Susquehanna from $35.00 to $25.00 in a research note published on Tuesday morning, Benzinga reports. Susquehanna currently has a neutral rating on the stock.

Several other analysts have also recently commented on the stock. Wells Fargo & Company restated an equal weight rating and issued a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a research note on Wednesday, April 3rd. JPMorgan Chase & Co. cut their target price on shares of Wolfspeed from $43.00 to $35.00 and set a neutral rating for the company in a research report on Thursday, April 11th. Mizuho started coverage on shares of Wolfspeed in a research note on Friday, April 5th. They set a neutral rating and a $30.00 price target on the stock. Finally, Piper Sandler reduced their price target on Wolfspeed from $55.00 to $45.00 and set an overweight rating on the stock in a research note on Thursday, February 1st. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $41.88.

Wolfspeed Trading Down 5.7 %

NYSE WOLF opened at $22.57 on Tuesday. The company has a quick ratio of 4.58, a current ratio of 5.13 and a debt-to-equity ratio of 4.50. The firm has a 50 day moving average of $26.71 and a two-hundred day moving average of $32.45. The stock has a market capitalization of $2.84 billion, a PE ratio of -3.71 and a beta of 1.66. Wolfspeed has a 52 week low of $21.85 and a 52 week high of $70.42.

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

Insider Activity at Wolfspeed

In other news, Director Darren R. Jackson bought 10,000 shares of the business’s stock in a transaction on Friday, February 2nd. The stock was purchased at an average price of $25.80 per share, with a total value of $258,000.00. Following the transaction, the director now directly owns 49,021 shares in the company, valued at $1,264,741.80. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.85% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of WOLF. Louisiana State Employees Retirement System increased its position in Wolfspeed by 2.8% during the first quarter. Louisiana State Employees Retirement System now owns 36,200 shares of the company’s stock worth $1,068,000 after acquiring an additional 1,000 shares during the period. Fifth Third Bancorp increased its holdings in shares of Wolfspeed by 56.9% during the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock worth $37,000 after purchasing an additional 452 shares during the period. State of Michigan Retirement System raised its position in shares of Wolfspeed by 3.0% during the first quarter. State of Michigan Retirement System now owns 30,922 shares of the company’s stock valued at $912,000 after buying an additional 900 shares during the last quarter. Sunbelt Securities Inc. lifted its stake in shares of Wolfspeed by 34.7% in the first quarter. Sunbelt Securities Inc. now owns 2,724 shares of the company’s stock valued at $80,000 after buying an additional 702 shares during the period. Finally, Doliver Advisors LP grew its position in Wolfspeed by 11.4% during the first quarter. Doliver Advisors LP now owns 15,320 shares of the company’s stock worth $452,000 after buying an additional 1,563 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.