Bank of America Cuts Wolfspeed (NYSE:WOLF) Price Target to $6.00

Wolfspeed (NYSE:WOLF) had its price target decreased by research analysts at Bank of America from $9.50 to $6.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “underperform” rating on the stock. Bank of America‘s price target indicates a potential upside of 4.66% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Piper Sandler dropped their target price on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday. StockNews.com raised shares of Wolfspeed to a “sell” rating in a research report on Monday, January 6th. JPMorgan Chase & Co. dropped their target price on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Mizuho dropped their target price on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 19th. Finally, Morgan Stanley boosted their target price on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and an average target price of $15.43.

Wolfspeed Stock Performance

Shares of NYSE:WOLF traded down $0.27 during trading on Thursday, reaching $5.73. The stock had a trading volume of 16,555,325 shares, compared to its average volume of 18,734,246. Wolfspeed has a 52 week low of $4.66 and a 52 week high of $34.63. The firm has a market capitalization of $732.16 million, a price-to-earnings ratio of -0.95 and a beta of 1.43. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. The stock has a fifty day simple moving average of $7.50 and a two-hundred day simple moving average of $10.74.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 93.31% and a negative return on equity of 49.86%. As a group, analysts anticipate that Wolfspeed will post -4.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Chairman Thomas H. Werner acquired 37,500 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were purchased at an average price of $6.53 per share, with a total value of $244,875.00. Following the acquisition, the chairman now directly owns 108,549 shares in the company, valued at $708,824.97. The trade was a 52.78 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Darren R. Jackson bought 36,975 shares of Wolfspeed stock in a transaction dated Wednesday, November 20th. The stock was acquired at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the purchase, the director now directly owns 85,996 shares in the company, valued at approximately $581,332.96. The trade was a 75.43 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 78,067 shares of company stock worth $524,747 in the last 90 days. Corporate insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Two Sigma Advisers LP raised its position in shares of Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after acquiring an additional 2,189,500 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Wolfspeed by 1,158.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock valued at $8,082,000 after acquiring an additional 766,971 shares during the period. Erste Asset Management GmbH acquired a new stake in shares of Wolfspeed in the 3rd quarter valued at approximately $4,542,000. Iridian Asset Management LLC CT raised its position in shares of Wolfspeed by 319.9% in the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after acquiring an additional 397,057 shares during the period. Finally, Yong Rong HK Asset Management Ltd acquired a new stake in shares of Wolfspeed in the 3rd quarter valued at approximately $2,988,000.

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.