Wolfspeed, Inc. (NYSE:WOLF) Receives $14.33 Consensus Target Price from Analysts

Wolfspeed, Inc. (NYSE:WOLF) has earned an average rating of “Reduce” from the six ratings firms that are currently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $14.3333.

A number of research analysts have recently issued reports on the company. Zacks Research raised Wolfspeed to a “hold” rating in a report on Monday, February 9th. Wall Street Zen downgraded Wolfspeed from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Susquehanna lowered their price target on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday, January 22nd. Piper Sandler reaffirmed an “overweight” rating and set a $20.00 price target (up from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Camden Asset Management L P CA bought a new position in Wolfspeed in the third quarter valued at about $9,452,000. Caitong International Asset Management Co. Ltd bought a new position in Wolfspeed in the third quarter valued at about $8,560,000. Calamos Advisors LLC bought a new position in Wolfspeed in the fourth quarter valued at about $12,451,000. Silverback Asset Management LLC bought a new position in Wolfspeed in the third quarter valued at about $8,191,000. Finally, Capital Research Global Investors bought a new position in Wolfspeed in the third quarter valued at about $79,426,000.

Wolfspeed Trading Up 0.1%

Wolfspeed stock opened at $36.79 on Monday. The business’s fifty day simple moving average is $20.62 and its two-hundred day simple moving average is $20.43. Wolfspeed has a 12 month low of $8.05 and a 12 month high of $37.55. The company has a market capitalization of $1.66 billion and a price-to-earnings ratio of -5.23.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, January 28th. The company reported ($6.11) EPS for the quarter, missing the consensus estimate of ($0.74) by ($5.37). During the same period last year, the company earned ($0.95) earnings per share. Wolfspeed’s revenue for the quarter was down 6.6% compared to the same quarter last year.

Wolfspeed Company Profile

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.