Wolfspeed (NYSE:WOLF) Price Target Cut to $47.00

Wolfspeed (NYSE:WOLF) had its price target cut by Canaccord Genuity Group from $50.00 to $47.00 in a report issued on Thursday, Benzinga reports. They currently have a buy rating on the stock.

WOLF has been the topic of a number of other research reports. Susquehanna reduced their price objective on Wolfspeed from $25.00 to $23.00 and set a neutral rating on the stock in a research note on Thursday. TD Cowen cut shares of Wolfspeed from a buy rating to a hold rating and reduced their price target for the stock from $40.00 to $25.00 in a research report on Thursday. Piper Sandler lowered their price objective on shares of Wolfspeed from $55.00 to $45.00 and set an overweight rating for the company in a research report on Thursday, February 1st. Wells Fargo & Company restated an equal weight rating and issued a $30.00 target price (down from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. Finally, Mizuho lowered their price target on shares of Wolfspeed from $30.00 to $27.00 and set a neutral rating for the company in a report on Thursday. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $37.27.

Wolfspeed Trading Up 7.5 %

Wolfspeed stock opened at $25.33 on Thursday. Wolfspeed has a 1 year low of $20.63 and a 1 year high of $70.42. The firm’s 50 day moving average price is $26.61 and its 200-day moving average price is $32.01. The company has a debt-to-equity ratio of 5.55, a current ratio of 4.58 and a quick ratio of 4.58. The stock has a market cap of $3.19 billion, a P/E ratio of -3.92 and a beta of 1.64.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Norges Bank bought a new position in Wolfspeed in the fourth quarter worth approximately $308,701,000. FengHe Fund Management Pte. Ltd. raised its position in shares of Wolfspeed by 438.9% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock worth $62,272,000 after acquiring an additional 1,165,600 shares in the last quarter. JANA Partners Management LP purchased a new stake in shares of Wolfspeed during the 3rd quarter worth $35,662,000. Cibc World Markets Corp bought a new stake in Wolfspeed during the fourth quarter valued at about $34,808,000. Finally, Polar Capital Holdings Plc purchased a new position in Wolfspeed in the third quarter valued at about $16,200,000.

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.