Wolfspeed (NYSE:WOLF) Price Target Cut to $47.00

Wolfspeed (NYSE:WOLF) had its target price decreased by analysts at Canaccord Genuity Group from $50.00 to $47.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 85.55% from the company’s current price.

Several other research analysts have also commented on WOLF. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Wolfspeed from $35.00 to $30.00 and set a “hold” rating for the company in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. dropped their price target on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research note on Thursday, April 11th. Roth Mkm reissued a “buy” rating and issued a $50.00 price objective on shares of Wolfspeed in a research report on Tuesday. TD Cowen lowered Wolfspeed from a “buy” rating to a “hold” rating and dropped their target price for the company from $40.00 to $25.00 in a research report on Thursday. Finally, Susquehanna reduced their price target on Wolfspeed from $25.00 to $23.00 and set a “neutral” rating on the stock in a report on Thursday. One analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and an average target price of $37.27.

Wolfspeed Stock Up 7.5 %

WOLF traded up $1.77 on Thursday, hitting $25.33. The company had a trading volume of 5,927,773 shares, compared to its average volume of 5,565,011. The business’s fifty day simple moving average is $26.61 and its 200 day simple moving average is $32.05. The company has a current ratio of 4.58, a quick ratio of 4.58 and a debt-to-equity ratio of 5.55. Wolfspeed has a 12-month low of $20.63 and a 12-month high of $70.42.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.10. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. The firm had revenue of $208.40 million during the quarter, compared to analysts’ expectations of $205.94 million. As a group, equities research analysts predict that Wolfspeed will post -3.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. TFO Wealth Partners LLC lifted its holdings in Wolfspeed by 57,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after buying an additional 574 shares during the period. Independence Bank of Kentucky lifted its stake in shares of Wolfspeed by 97.0% during the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after purchasing an additional 350 shares during the last quarter. Fifth Third Bancorp boosted its position in Wolfspeed by 56.9% during the first quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock valued at $37,000 after purchasing an additional 452 shares in the last quarter. Rakuten Securities Inc. purchased a new position in Wolfspeed in the fourth quarter valued at about $48,000. Finally, GAMMA Investing LLC bought a new position in Wolfspeed in the fourth quarter worth about $56,000.

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.