Wolfspeed, Inc. (NYSE:WOLF) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Wolfspeed, Inc. (NYSE:WOLF) have received a consensus rating of “Hold” from the fourteen research firms that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $35.43.

A number of brokerages have issued reports on WOLF. Canaccord Genuity Group cut their target price on Wolfspeed from $47.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday. Roth Mkm reissued a “buy” rating and set a $50.00 price objective on shares of Wolfspeed in a report on Tuesday, April 30th. Citigroup cut their target price on shares of Wolfspeed from $29.00 to $25.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. Mizuho lifted their price target on Wolfspeed from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 18th. Finally, Wells Fargo & Company restated an “equal weight” rating and set a $30.00 price objective (down previously from $55.00) on shares of Wolfspeed in a research note on Wednesday, April 3rd.

Wolfspeed Price Performance

WOLF opened at $23.23 on Friday. Wolfspeed has a twelve month low of $20.63 and a twelve month high of $70.42. The firm has a market cap of $2.92 billion, a price-to-earnings ratio of -3.60 and a beta of 1.60. The company has a current ratio of 4.58, a quick ratio of 4.00 and a debt-to-equity ratio of 5.55. The company has a fifty day simple moving average of $25.67 and a 200 day simple moving average of $29.75.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, May 1st. The company reported ($0.79) earnings per share for the quarter, beating the consensus estimate of ($0.82) by $0.03. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. The company had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.49 million. Equities research analysts expect that Wolfspeed will post -3.18 EPS for the current fiscal year.

Insider Transactions at Wolfspeed

In other news, Director Marvin Riley bought 1,866 shares of Wolfspeed stock in a transaction on Tuesday, May 28th. The stock was purchased at an average cost of $27.05 per share, with a total value of $50,475.30. Following the purchase, the director now directly owns 13,297 shares of the company’s stock, valued at approximately $359,683.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of WOLF. Envestnet Asset Management Inc. increased its stake in Wolfspeed by 234.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 168,103 shares of the company’s stock valued at $6,405,000 after buying an additional 117,848 shares during the period. Victory Capital Management Inc. lifted its position in Wolfspeed by 17.7% in the fourth quarter. Victory Capital Management Inc. now owns 26,973 shares of the company’s stock worth $1,174,000 after purchasing an additional 4,052 shares during the period. Artisan Partners Limited Partnership boosted its stake in Wolfspeed by 15.5% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock valued at $114,261,000 after purchasing an additional 352,609 shares in the last quarter. Vanguard Group Inc. boosted its stake in Wolfspeed by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock valued at $475,171,000 after purchasing an additional 188,236 shares in the last quarter. Finally, UBS Group AG raised its stake in shares of Wolfspeed by 57.5% in the 3rd quarter. UBS Group AG now owns 219,080 shares of the company’s stock worth $8,347,000 after buying an additional 80,011 shares in the last quarter.

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.