Susquehanna Trims Wolfspeed (NYSE:WOLF) Target Price to $25.00

Wolfspeed (NYSE:WOLF) had its price objective reduced by research analysts at Susquehanna from $35.00 to $25.00 in a report released on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Susquehanna’s price objective points to a potential upside of 2.17% from the stock’s current price.

Several other equities research analysts also recently issued reports on the stock. Mizuho assumed coverage on shares of Wolfspeed in a research note on Friday, April 5th. They issued a “neutral” rating and a $30.00 target price for the company. Piper Sandler lowered their price target on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, February 1st. JPMorgan Chase & Co. lowered 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. Finally, Wells Fargo & Company reissued an “equal weight” rating and issued a $30.00 price target (down from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Wolfspeed currently has a consensus rating of “Hold” and an average price target of $41.88.

Wolfspeed Trading Up 8.4 %

Shares of NYSE:WOLF opened at $24.47 on Tuesday. Wolfspeed has a 52-week low of $21.85 and a 52-week high of $70.42. The company has a market capitalization of $3.08 billion, a P/E ratio of -4.02 and a beta of 1.66. The company has a 50-day simple moving average of $26.71 and a 200 day simple moving average of $32.45. The company has a debt-to-equity ratio of 4.50, a quick ratio of 4.58 and a current ratio of 5.13.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $205.94 million. Sell-side analysts forecast that Wolfspeed will post -3.05 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Darren R. Jackson bought 10,000 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were purchased at an average price of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the transaction, 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 filing with the SEC, which is accessible through the SEC website. 0.85% of the stock is currently owned by company insiders.

Institutional Trading of Wolfspeed

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

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.