Wolfspeed (NYSE:WOLF) PT Lowered to $30.00

Wolfspeed (NYSE:WOLF) had its price target dropped by equities researchers at Deutsche Bank Aktiengesellschaft from $35.00 to $30.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft’s price target indicates a potential upside of 22.60% from the stock’s previous close.

A number of other equities analysts also recently commented on WOLF. Mizuho started coverage on Wolfspeed in a research report on Friday, April 5th. They set a “neutral” rating and a $30.00 price objective for the company. Piper Sandler lowered their price objective on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, February 1st. Wells Fargo & Company reissued an “equal weight” rating and set a $30.00 price objective (down from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. Susquehanna lowered their price objective on Wolfspeed from $35.00 to $25.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, JPMorgan Chase & Co. lowered their price objective on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. 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. According to MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and an average price target of $41.88.

Wolfspeed Price Performance

Wolfspeed stock opened at $24.47 on Tuesday. Wolfspeed has a 1 year low of $21.85 and a 1 year high of $70.42. The company has a debt-to-equity ratio of 4.50, a quick ratio of 4.58 and a current ratio of 5.13. The company’s fifty day moving average price is $26.71 and its 200 day moving average price is $32.45. The stock has a market capitalization of $3.08 billion, a P/E ratio of -4.02 and a beta of 1.66.

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

Insider Buying and Selling

In other Wolfspeed news, Director Darren R. Jackson acquired 10,000 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were bought at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the purchase, the director now owns 49,021 shares in the company, valued at approximately $1,264,741.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.85% of the stock is owned by company insiders.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds have recently modified their holdings of WOLF. Vanguard Group Inc. raised its position in Wolfspeed by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 12,629,335 shares of the company’s stock worth $549,502,000 after buying an additional 157,668 shares during the last quarter. Norges Bank acquired a new stake in Wolfspeed in the fourth quarter valued at about $308,701,000. Artisan Partners Limited Partnership increased its position in Wolfspeed by 15.5% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock worth $114,261,000 after purchasing an additional 352,609 shares during the period. Primecap Management Co. CA raised its stake in shares of Wolfspeed by 1.6% during the 4th quarter. Primecap Management Co. CA now owns 1,906,494 shares of the company’s stock worth $82,952,000 after buying an additional 29,700 shares in the last quarter. Finally, FengHe Fund Management Pte. Ltd. lifted its holdings in shares of Wolfspeed by 438.9% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock valued at $62,272,000 after buying an additional 1,165,600 shares during the period.

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.