The Goldman Sachs Group Cuts Wolfspeed (NYSE:WOLF) Price Target to $8.00

Wolfspeed (NYSE:WOLF) had its price target trimmed by The Goldman Sachs Group from $15.00 to $8.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts also recently commented on the stock. StockNews.com raised shares of Wolfspeed to a “sell” rating in a report on Monday, January 6th. Bank of America reduced their price target on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a research report on Thursday, January 30th. Piper Sandler cut their target price on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Susquehanna decreased their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 22nd. Finally, Canaccord Genuity Group cut their price objective on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $13.15.

Wolfspeed Trading Down 5.0 %

NYSE WOLF opened at $2.58 on Wednesday. The stock has a market capitalization of $328.86 million, a price-to-earnings ratio of -0.34 and a beta of 1.50. The business’s fifty day moving average is $5.47 and its 200-day moving average is $7.93. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. Wolfspeed has a one year low of $2.41 and a one year high of $30.86.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. Equities research analysts predict that Wolfspeed will post -4 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp lifted its stake in Wolfspeed by 1,240.6% during the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock worth $26,000 after purchasing an additional 3,548 shares during the last quarter. R Squared Ltd purchased a new position in shares of Wolfspeed during the 4th quarter valued at about $28,000. Steward Partners Investment Advisory LLC lifted its position in Wolfspeed by 192.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock worth $29,000 after buying an additional 2,912 shares during the last quarter. KBC Group NV boosted its stake in Wolfspeed by 76.5% in the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after buying an additional 2,629 shares in the last quarter. Finally, Allworth Financial LP grew its position in Wolfspeed by 38.1% during the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock valued at $44,000 after acquiring an additional 1,949 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.