Canaccord Genuity Group Trims Wolfspeed (NYSE:WOLF) Target Price to $47.00

Wolfspeed (NYSE:WOLF) had its price target cut by Canaccord Genuity Group from $50.00 to $47.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also recently commented on WOLF. Wells Fargo & Company reiterated an equal weight rating and set a $30.00 price target (down previously from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. TD Cowen lowered Wolfspeed from a buy rating to a hold rating and reduced their price target for the stock from $40.00 to $25.00 in a research report on Thursday. JPMorgan Chase & Co. reduced their target price on Wolfspeed from $43.00 to $35.00 and set a neutral rating on the stock in a report on Thursday, April 11th. Roth Mkm reissued a buy rating and set a $50.00 price objective on shares of Wolfspeed in a research note on Tuesday, April 30th. Finally, Mizuho reduced their price target on shares of Wolfspeed from $30.00 to $27.00 and set a neutral rating on the stock in a research report on Thursday. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has an average rating of Hold and a consensus target price of $37.27.

Wolfspeed Stock Up 7.5 %

NYSE:WOLF opened at $25.33 on Thursday. The company has a market cap of $3.19 billion, a price-to-earnings ratio of -3.92 and a beta of 1.64. The company has a debt-to-equity ratio of 5.55, a quick ratio of 4.58 and a current ratio of 4.58. The stock’s fifty day moving average price is $26.61 and its two-hundred day moving average price is $32.01. Wolfspeed has a 52-week low of $20.63 and a 52-week high of $70.42.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Envestnet Asset Management Inc. grew its position in shares of Wolfspeed by 234.5% in the 3rd quarter. Envestnet Asset Management Inc. now owns 168,103 shares of the company’s stock valued at $6,405,000 after acquiring an additional 117,848 shares during the period. Vanguard Group Inc. boosted its stake in shares of Wolfspeed by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock worth $475,171,000 after acquiring an additional 188,236 shares during the period. Boston Partners acquired a new position in shares of Wolfspeed during the 3rd quarter worth approximately $2,032,000. UBS Group AG boosted its position in Wolfspeed by 57.5% during 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 during the period. Finally, UniSuper Management Pty Ltd increased its holdings 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 valued at $26,816,000 after purchasing an additional 326,810 shares during the last quarter.

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.