Brokerages Set Wolfspeed, Inc. (NYSE:WOLF) PT at $24.53

Wolfspeed, Inc. (NYSE:WOLF) has received an average recommendation of “Hold” from the sixteen research firms that are covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, ten have assigned a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $23.93.

Several research firms have recently weighed in on WOLF. Mizuho lowered shares of Wolfspeed from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $17.00 to $8.00 in a research report on Thursday. Susquehanna reduced their target price on shares of Wolfspeed from $23.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday, August 22nd. New Street Research cut Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a report on Wednesday, August 7th. The Goldman Sachs Group reduced their price objective on Wolfspeed from $48.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd.

Wolfspeed Price Performance

NYSE WOLF opened at $8.61 on Friday. Wolfspeed has a 12 month low of $7.28 and a 12 month high of $47.43. The firm has a market capitalization of $1.08 billion, a PE ratio of -1.33 and a beta of 1.52. The company’s 50 day simple moving average is $11.53 and its 200 day simple moving average is $20.63. The company has a debt-to-equity ratio of 6.99, a current ratio of 4.51 and a quick ratio of 3.85.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). The firm had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.11 million. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. As a group, equities research analysts forecast that Wolfspeed will post -3.84 EPS for the current fiscal year.

Institutional Trading of Wolfspeed

Several institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC boosted its stake in shares of Wolfspeed by 231.8% during the 3rd quarter. SG Americas Securities LLC now owns 58,749 shares of the company’s stock valued at $570,000 after buying an additional 41,041 shares during the period. Sanctuary Advisors LLC acquired a new stake in Wolfspeed during the second quarter valued at $220,000. Teachers Retirement System of The State of Kentucky grew its stake in Wolfspeed by 34.9% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 369,402 shares of the company’s stock valued at $8,408,000 after purchasing an additional 95,600 shares in the last quarter. Ecofi Investissements SA acquired a new position in Wolfspeed in the 2nd quarter worth about $1,251,000. Finally, Algert Global LLC raised its stake in shares of Wolfspeed by 31.4% during the 2nd quarter. Algert Global LLC now owns 53,076 shares of the company’s stock worth $1,208,000 after purchasing an additional 12,676 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.