Wolfspeed (NYSE:WOLF) Given New $20.00 Price Target at Roth Mkm

Wolfspeed (NYSE:WOLF) had its price objective trimmed by Roth Mkm from $25.00 to $20.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts also recently weighed in on the company. Susquehanna lowered their price objective on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, August 22nd. Bank of America lowered their price objective on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research report on Friday, August 23rd. Canaccord Genuity Group decreased their target price on Wolfspeed from $45.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, August 29th. New Street Research downgraded Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price for the company. in a report on Wednesday, August 7th. Finally, The Goldman Sachs Group decreased their target price on Wolfspeed from $48.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $17.36.

Wolfspeed Price Performance

WOLF traded up $1.77 during midday trading on Thursday, hitting $10.10. The stock had a trading volume of 17,799,857 shares, compared to its average volume of 6,678,019. The company has a market cap of $1.28 billion, a P/E ratio of -1.46 and a beta of 1.46. The business has a fifty day moving average of $10.92 and a 200 day moving average of $18.16. The company has a debt-to-equity ratio of 6.99, a quick ratio of 3.85 and a current ratio of 4.51. Wolfspeed has a 1 year low of $7.28 and a 1 year high of $47.43.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, November 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.20) by $0.09. The business had revenue of $194.70 million during the quarter, compared to analyst estimates of $200.11 million. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. As a group, equities analysts forecast that Wolfspeed will post -4.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors have recently modified their holdings of the stock. Quest Partners LLC grew its stake in shares of Wolfspeed by 315.2% in the third quarter. Quest Partners LLC now owns 37,899 shares of the company’s stock worth $368,000 after acquiring an additional 28,772 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in shares of Wolfspeed by 225.0% during the third quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock valued at $959,000 after buying an additional 68,423 shares during the last quarter. Sugar Maple Asset Management LLC purchased a new stake in shares of Wolfspeed during the third quarter valued at $211,000. GSA Capital Partners LLP boosted its position in shares of Wolfspeed by 230.0% during the third quarter. GSA Capital Partners LLP now owns 58,986 shares of the company’s stock valued at $572,000 after buying an additional 41,114 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Wolfspeed by 41.4% during the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after buying an additional 173,409 shares during the last quarter.

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.