Wolfspeed, Inc. (NYSE:WOLF) Receives Consensus Recommendation of “Hold” from Analysts

Wolfspeed, Inc. (NYSE:WOLF) has been given an average recommendation of “Hold” by the sixteen analysts that are presently covering the stock, MarketBeat reports. Two analysts have rated the stock with a sell recommendation, ten have given a hold recommendation and four have given a buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $17.36.

WOLF has been the topic of several research analyst reports. Canaccord Genuity Group lowered their target price on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Morgan Stanley lifted their target price on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. New Street Research cut shares of 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. Deutsche Bank Aktiengesellschaft dropped 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. Finally, Roth Mkm reduced their price target on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, November 7th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC boosted its stake in Wolfspeed by 15.9% in the 1st quarter. SG Americas Securities LLC now owns 12,555 shares of the company’s stock valued at $370,000 after buying an additional 1,721 shares in the last quarter. ProShare Advisors LLC boosted its position in Wolfspeed by 23.2% in the first quarter. ProShare Advisors LLC now owns 21,402 shares of the company’s stock valued at $631,000 after buying an additional 4,027 shares in the last quarter. Vanguard Group Inc. boosted its position in Wolfspeed by 3.6% in the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after buying an additional 449,732 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Wolfspeed by 14.8% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 133,395 shares of the company’s stock worth $3,935,000 after buying an additional 17,154 shares during the last quarter. Finally, Natixis acquired a new stake in shares of Wolfspeed during the first quarter worth approximately $875,000.

Wolfspeed Stock Down 11.8 %

Shares of NYSE:WOLF opened at $6.70 on Monday. The firm has a 50 day simple moving average of $10.81 and a 200 day simple moving average of $17.34. Wolfspeed has a 52 week low of $6.69 and a 52 week high of $47.43. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. The company has a market cap of $855.66 million, a PE ratio of -1.13 and a beta of 1.46.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). The business had revenue of $200.70 million for the quarter, compared to analysts’ expectations of $201.11 million. Wolfspeed had a negative net margin of 93.31% and a negative return on equity of 49.86%. As a group, research analysts expect that Wolfspeed will post -4.13 earnings per share for the current year.

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.