Wolfspeed (NYSE:WOLF) Price Target Lowered to $20.00 at Roth Mkm

Wolfspeed (NYSE:WOLF) had its price target lowered by Roth Mkm from $25.00 to $20.00 in a research report sent to investors on Thursday,Benzinga reports. Roth Mkm currently has a buy rating on the stock.

Several other brokerages have also recently weighed in on WOLF. The Goldman Sachs Group dropped their price objective on Wolfspeed from $48.00 to $28.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Canaccord Genuity Group cut their price objective on shares of Wolfspeed from $45.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 price objective (down from $20.00) on shares of Wolfspeed in a report on Thursday. TD Cowen cut their price objective on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, August 22nd. Finally, Susquehanna cut their price objective on shares of Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $17.36.

Wolfspeed Stock Up 21.2 %

Shares of WOLF traded up $1.77 during trading hours on Thursday, reaching $10.10. The stock had a trading volume of 17,799,857 shares, compared to its average volume of 6,678,019. Wolfspeed has a 12 month low of $7.28 and a 12 month high of $47.43. The firm has a 50-day simple moving average of $10.92 and a 200 day simple moving average of $18.16. The company has a current ratio of 4.51, a quick ratio of 3.85 and a debt-to-equity ratio of 6.99. The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of -1.46 and a beta of 1.46.

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 analysts’ consensus estimates of ($1.20) by $0.09. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. The company had revenue of $194.70 million for the quarter, compared to analysts’ expectations of $200.11 million. Equities research analysts predict that Wolfspeed will post -4.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mather Group LLC. grew its holdings 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 buying an additional 933 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in shares of Wolfspeed by 64.8% during the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after purchasing an additional 691 shares in the last quarter. Signaturefd LLC grew its holdings in shares of Wolfspeed by 284.3% during the second 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. Eastern Bank purchased a new position in shares of Wolfspeed during the third quarter worth about $27,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Wolfspeed during the second quarter worth about $75,000.

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.