Analysts Set Wolfspeed, Inc. (NYSE:WOLF) Price Target at $14.33

Wolfspeed, Inc. (NYSE:WOLF) has been assigned an average recommendation of “Reduce” from the six ratings firms that are covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $14.3333.

WOLF has been the topic of several research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. Susquehanna dropped their target price on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, January 22nd. Zacks Research upgraded shares of Wolfspeed to a “hold” rating in a research note on Monday, February 9th. Piper Sandler restated an “overweight” rating and set a $20.00 price target (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Finally, Wall Street Zen lowered shares of Wolfspeed from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th.

Wolfspeed Stock Performance

Wolfspeed stock opened at $20.55 on Thursday. The firm has a market cap of $926.37 million and a PE ratio of -2.92. The firm’s 50 day moving average price is $17.72 and its two-hundred day moving average price is $19.81. Wolfspeed has a twelve month low of $8.05 and a twelve month high of $36.60.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, January 28th. The company reported ($6.11) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($5.37). During the same period in the prior year, the business earned ($0.95) earnings per share. Wolfspeed’s revenue was down 6.6% on a year-over-year basis. Equities analysts anticipate that Wolfspeed will post -4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of WOLF. Summit Securities Group LLC increased its holdings in shares of Wolfspeed by 71.0% during the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after acquiring an additional 915 shares during the last quarter. Andar Capital Management HK Ltd acquired a new position in shares of Wolfspeed during the 3rd quarter valued at about $48,000. Capital Investment Advisory Services LLC increased its holdings in shares of Wolfspeed by 13.3% during the 4th quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock valued at $264,000 after acquiring an additional 1,783 shares during the last quarter. Eastern Bank acquired a new position in shares of Wolfspeed during the 4th quarter valued at about $46,000. Finally, Cinctive Capital Management LP acquired a new position in shares of Wolfspeed during the 4th quarter valued at about $176,000.

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.