Susquehanna Cuts Wolfspeed (NYSE:WOLF) Price Target to $11.00

Wolfspeed (NYSE:WOLF) had its price target lowered by Susquehanna from $16.00 to $11.00 in a research note published on Thursday,Benzinga reports. Susquehanna currently has a neutral rating on the stock.

Several other research firms have also recently weighed in on WOLF. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. TD Cowen dropped their price target on Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Mizuho cut Wolfspeed from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $17.00 to $8.00 in a report on Thursday, October 3rd. Roth Mkm decreased their price objective on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Bank of America cut their target price on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research note on Friday, August 23rd. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $17.36.

Wolfspeed Price Performance

Shares of NYSE WOLF opened at $10.03 on Thursday. The stock’s 50-day simple moving average is $10.92 and its two-hundred day simple moving average is $18.03. Wolfspeed has a twelve month low of $7.28 and a twelve month high of $47.43. The firm has a market capitalization of $1.27 billion, a P/E ratio of -1.69 and a beta of 1.46. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($1.11) EPS for the quarter, topping the consensus estimate of ($1.20) by $0.09. The company 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 45.09% and a negative net margin of 93.31%. As a group, equities analysts anticipate that Wolfspeed will post -4.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Seven Eight Capital LP lifted its holdings in Wolfspeed by 0.5% in the 1st quarter. Seven Eight Capital LP now owns 125,954 shares of the company’s stock worth $3,716,000 after buying an additional 675 shares during the period. Advisors Asset Management Inc. lifted its stake in Wolfspeed by 64.8% in the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after acquiring an additional 691 shares during the period. Arizona State Retirement System boosted its holdings in Wolfspeed by 2.3% in the second quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock valued at $802,000 after acquiring an additional 775 shares in the last quarter. Mather Group LLC. increased its position in Wolfspeed by 385.5% during the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after purchasing an additional 933 shares during the period. Finally, Signaturefd LLC raised its holdings in Wolfspeed by 284.3% in the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after purchasing an additional 1,544 shares in 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.