Piper Sandler Lowers Wolfspeed (NYSE:WOLF) Price Target to $6.00

Wolfspeed (NYSE:WOLF) had its price target decreased by Piper Sandler from $10.00 to $6.00 in a research report released on Friday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

WOLF has been the subject of several other reports. JPMorgan Chase & Co. reissued an “underweight” rating on shares of Wolfspeed in a report on Friday. Bank of America lowered their price target on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a research report on Thursday, January 30th. Citigroup restated a “sell” rating and set a $3.00 price objective (down previously from $7.00) on shares of Wolfspeed in a report on Friday. The Goldman Sachs Group reduced their price target on shares of Wolfspeed from $15.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Finally, Canaccord Genuity Group reduced their price target on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $11.15.

Wolfspeed Price Performance

NYSE:WOLF opened at $3.27 on Friday. Wolfspeed has a 52 week low of $2.06 and a 52 week high of $30.86. The company has a market capitalization of $417.62 million, a price-to-earnings ratio of -0.43 and a beta of 1.62. The company has a 50-day moving average of $3.87 and a 200-day moving average of $6.40. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15.

Insiders Place Their Bets

In other news, CFO Neill Reynolds sold 13,909 shares of the stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $3.99, for a total value of $55,496.91. Following the completion of the transaction, the chief financial officer now owns 195,257 shares of the company’s stock, valued at approximately $779,075.43. This represents a 6.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Jones Financial Companies Lllp raised its holdings in Wolfspeed by 1,240.6% in the 4th quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock valued at $26,000 after buying an additional 3,548 shares during the last quarter. R Squared Ltd bought a new position in Wolfspeed during the 4th quarter worth approximately $28,000. N.E.W. Advisory Services LLC bought a new stake in shares of Wolfspeed in the 1st quarter valued at $28,000. Steward Partners Investment Advisory LLC increased its stake in shares of Wolfspeed by 192.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock valued at $29,000 after acquiring an additional 2,912 shares in the last quarter. Finally, Beacon Capital Management LLC bought a new stake in shares of Wolfspeed in the 1st quarter valued at $31,000.

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.