Wolfspeed (NYSE:WOLF) Price Target Cut to $30.00

Wolfspeed (NYSE:WOLF) had its price objective reduced by Deutsche Bank Aktiengesellschaft from $35.00 to $30.00 in a report issued on Tuesday morning, Benzinga reports. They currently have a hold rating on the stock.

Other equities analysts also recently issued reports about the company. Piper Sandler cut their target price on Wolfspeed from $55.00 to $45.00 and set an overweight rating on the stock in a research report on Thursday, February 1st. Mizuho assumed coverage on shares of Wolfspeed in a report on Friday, April 5th. They issued a neutral rating and a $30.00 price target on the stock. JPMorgan Chase & Co. lowered their price target on shares of Wolfspeed from $43.00 to $35.00 and set a neutral rating on the stock in a report on Thursday, April 11th. Wells Fargo & Company reaffirmed an equal weight rating and issued a $30.00 price target (down from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. Finally, Susquehanna lowered their price target on shares of Wolfspeed from $35.00 to $25.00 and set a neutral rating on the stock in a report on Tuesday. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $41.88.

Wolfspeed Price Performance

Shares of WOLF opened at $24.87 on Tuesday. The company has a debt-to-equity ratio of 4.50, a current ratio of 5.13 and a quick ratio of 4.58. The company’s fifty day moving average price is $26.63 and its 200-day moving average price is $32.40. Wolfspeed has a 1-year low of $21.85 and a 1-year high of $70.42. The firm has a market capitalization of $3.13 billion, a PE ratio of -4.09 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 (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.10. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. The firm had revenue of $208.40 million for the quarter, compared to the consensus estimate of $205.94 million. On average, equities research analysts predict that Wolfspeed will post -3.05 EPS for the current year.

Insider Activity at Wolfspeed

In related news, Director Darren R. Jackson purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were purchased at an average cost of $25.80 per share, with a total value of $258,000.00. Following the purchase, the director now owns 49,021 shares of the company’s stock, valued at approximately $1,264,741.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.62% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of WOLF. TFO Wealth Partners LLC raised its holdings in Wolfspeed by 57,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after acquiring an additional 574 shares during the last quarter. Independence Bank of Kentucky raised its holdings in Wolfspeed by 97.0% in the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after acquiring an additional 350 shares during the last quarter. Rakuten Securities Inc. acquired a new stake in Wolfspeed in the 4th quarter valued at about $48,000. Fifth Third Bancorp raised its holdings in Wolfspeed by 56.9% in the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock valued at $37,000 after acquiring an additional 452 shares during the last quarter. Finally, GAMMA Investing LLC acquired a new stake in Wolfspeed in the 4th quarter valued at about $56,000.

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.