Wolfspeed (NYSE:WOLF) Given New $23.00 Price Target at Morgan Stanley

Wolfspeed (NYSE:WOLF) had its price objective reduced by Morgan Stanley from $26.00 to $23.00 in a research note published on Tuesday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Several other equities analysts have also weighed in on the stock. JPMorgan Chase & Co. dropped their price objective 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. Roth Mkm restated a buy rating and issued a $50.00 target price on shares of Wolfspeed in a report on Tuesday, April 30th. Susquehanna reduced their price objective on shares of Wolfspeed from $25.00 to $23.00 and set a neutral rating for the company in a research report on Thursday, May 2nd. Citigroup reduced their price objective on shares of Wolfspeed from $29.00 to $25.00 and set a neutral rating for the company in a research report on Thursday, May 2nd. Finally, TD Cowen downgraded shares of Wolfspeed from a buy rating to a hold rating and reduced their price objective for the stock from $40.00 to $25.00 in a research report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Wolfspeed has an average rating of Hold and an average price target of $35.43.

Wolfspeed Stock Performance

Shares of Wolfspeed stock opened at $22.76 on Tuesday. The company has a quick ratio of 4.00, a current ratio of 4.58 and a debt-to-equity ratio of 5.55. Wolfspeed has a twelve month low of $20.63 and a twelve month high of $70.42. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of -3.52 and a beta of 1.60. The company’s fifty day moving average is $25.68 and its 200 day moving average is $29.63.

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

Insider Transactions at Wolfspeed

In related news, Director Marvin Riley acquired 1,866 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was bought at an average cost of $27.05 per share, with a total value of $50,475.30. Following the acquisition, the director now 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 can be accessed through the SEC website. 0.62% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Wolfspeed

A number of large investors have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. increased its position in shares of Wolfspeed by 234.5% in the third quarter. Envestnet Asset Management Inc. now owns 168,103 shares of the company’s stock valued at $6,405,000 after acquiring an additional 117,848 shares during the period. Victory Capital Management Inc. increased its position in shares of Wolfspeed by 17.7% during the fourth quarter. Victory Capital Management Inc. now owns 26,973 shares of the company’s stock valued at $1,174,000 after buying an additional 4,052 shares during the period. Artisan Partners Limited Partnership boosted its stake in Wolfspeed by 15.5% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock worth $114,261,000 after acquiring an additional 352,609 shares in the last quarter. Vanguard Group Inc. boosted its stake in Wolfspeed by 1.5% during the third quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock worth $475,171,000 after acquiring an additional 188,236 shares in the last quarter. Finally, Trillium Asset Management LLC boosted its stake in Wolfspeed by 7.7% during the fourth quarter. Trillium Asset Management LLC now owns 421,473 shares of the company’s stock worth $18,338,000 after acquiring an additional 29,990 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.