Analysts Set Wolfspeed, Inc. (NYSE:WOLF) PT at $11.15

Wolfspeed, Inc. (NYSE:WOLF) has received an average rating of “Hold” from the fourteen research firms that are currently covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $11.15.

A number of research analysts have weighed in on WOLF shares. Citigroup reissued a “sell” rating and set a $3.00 price target (down previously from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. Canaccord Genuity Group reduced their target price on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Susquehanna lowered their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, January 22nd. Bank of America cut their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a report on Thursday, January 30th. Finally, The Goldman Sachs Group lowered their target price on shares of Wolfspeed from $15.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd.

Insider Activity at Wolfspeed

In other news, CFO Neill Reynolds sold 13,909 shares of the company’s stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $3.99, for a total value of $55,496.91. Following the completion of the sale, the chief financial officer now owns 195,257 shares of the company’s stock, valued at $779,075.43. This represents a 6.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently bought and sold shares of WOLF. Goldman Sachs Group Inc. grew its position in Wolfspeed by 176.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after acquiring an additional 881,603 shares in the last quarter. MAI Capital Management boosted its stake in shares of Wolfspeed by 894.9% in the first quarter. MAI Capital Management now owns 10,815 shares of the company’s stock valued at $33,000 after purchasing an additional 9,728 shares during the period. Quarry LP grew its holdings in Wolfspeed by 490.0% during the 1st quarter. Quarry LP now owns 14,991 shares of the company’s stock valued at $46,000 after purchasing an additional 12,450 shares in the last quarter. Twin Tree Management LP purchased a new stake in Wolfspeed during the 1st quarter worth $42,000. Finally, Centric Wealth Management acquired a new position in Wolfspeed in the 1st quarter worth $306,000.

Wolfspeed Stock Performance

NYSE WOLF opened at $3.88 on Monday. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26. Wolfspeed has a fifty-two week low of $2.06 and a fifty-two week high of $30.86. The business has a fifty day moving average of $3.70 and a 200-day moving average of $6.02. The stock has a market cap of $603.05 million, a price-to-earnings ratio of -0.50 and a beta of 1.62.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.72) EPS for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.10. The firm had revenue of $185.40 million during the quarter, compared to analysts’ expectations of $190.03 million. Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. The firm’s quarterly revenue was down 7.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.62) EPS. As a group, analysts predict that Wolfspeed will post -4 earnings per share for the current fiscal 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.