Wolfspeed (NYSE:WOLF) PT Lowered to $25.00

Wolfspeed (NYSE:WOLF) had its price objective dropped by equities research analysts at Citigroup from $29.00 to $25.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price objective points to a potential upside of 6.11% from the company’s current price.

A number of other brokerages have also issued reports on WOLF. TD Cowen lowered Wolfspeed from a “buy” rating to a “hold” rating and reduced their target price for the stock from $40.00 to $25.00 in a research note on Thursday. Piper Sandler dropped their target price on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, February 1st. JPMorgan Chase & Co. cut their price target on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday, April 11th. William Blair cut shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a research note on Thursday. Finally, Canaccord Genuity Group dropped their target price on Wolfspeed from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Thursday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $37.27.

Wolfspeed Stock Down 9.8 %

Shares of WOLF stock traded down $2.55 during trading hours on Thursday, reaching $23.56. 18,356,647 shares of the company’s stock were exchanged, compared to its average volume of 4,908,879. The stock has a market cap of $2.96 billion, a PE ratio of -3.85 and a beta of 1.64. The company has a current ratio of 5.13, a quick ratio of 4.58 and a debt-to-equity ratio of 4.50. The stock’s fifty day moving average price is $26.62 and its two-hundred day moving average price is $32.17. Wolfspeed has a 1 year low of $20.63 and a 1 year high of $70.42.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.10. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. The business had revenue of $208.40 million during the quarter, compared to analysts’ expectations of $205.94 million. Research analysts predict that Wolfspeed will post -3.05 EPS for the current year.

Insider Transactions at Wolfspeed

In other Wolfspeed news, Director Darren R. Jackson bought 10,000 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were acquired at an average cost of $25.80 per share, with a total value of $258,000.00. Following the purchase, the director now directly owns 49,021 shares of the company’s stock, valued at approximately $1,264,741.80. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of WOLF. Commonwealth Equity Services LLC increased its position in shares of Wolfspeed by 27.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 39,392 shares of the company’s stock worth $1,501,000 after purchasing an additional 8,374 shares during the last quarter. Raymond James & Associates boosted its stake in shares of Wolfspeed by 1.6% in the third quarter. Raymond James & Associates now owns 181,867 shares of the company’s stock valued at $6,929,000 after purchasing an additional 2,943 shares during the period. Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of Wolfspeed by 26.9% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,205 shares of the company’s stock valued at $83,000 after purchasing an additional 468 shares in the last quarter. Zenyatta Capital Management LP purchased a new stake in Wolfspeed during the 3rd quarter worth approximately $3,429,000. Finally, Perigon Wealth Management LLC lifted its holdings in Wolfspeed by 34.2% during the 3rd quarter. Perigon Wealth Management LLC now owns 6,194 shares of the company’s stock worth $236,000 after buying an additional 1,579 shares in the last quarter.

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.