Wolfspeed (NYSE:WOLF) Receives Buy Rating from Roth Mkm

Roth Mkm reaffirmed their buy rating on shares of Wolfspeed (NYSE:WOLF) in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a $50.00 target price on the stock.

WOLF has been the topic of a number of other reports. Susquehanna cut their price objective on shares of Wolfspeed from $35.00 to $25.00 and set a neutral rating on the stock in a research note on Tuesday, April 23rd. Piper Sandler decreased their price objective on shares of Wolfspeed from $55.00 to $45.00 and set an overweight rating for the company in a report on Thursday, February 1st. Mizuho assumed coverage on Wolfspeed in a report on Friday, April 5th. They set a neutral rating and a $30.00 target price on the stock. Deutsche Bank Aktiengesellschaft cut their target price on Wolfspeed from $35.00 to $30.00 and set a hold rating for the company in a research report on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. lowered their price target on Wolfspeed from $43.00 to $35.00 and set a neutral rating on the stock in a research report on Thursday, April 11th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Wolfspeed presently has an average rating of Hold and an average target price of $41.00.

Wolfspeed Stock Performance

Shares of NYSE WOLF opened at $27.04 on Tuesday. Wolfspeed has a 12-month low of $21.85 and a 12-month high of $70.42. The company has a market cap of $3.40 billion, a PE ratio of -4.45 and a beta of 1.66. The stock has a 50 day simple moving average of $26.57 and a 200-day simple moving average of $32.26. The company has a current ratio of 5.13, a quick ratio of 4.58 and a debt-to-equity ratio of 4.50.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.10. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. The firm had revenue of $208.40 million for the quarter, compared to the consensus estimate of $205.94 million. On average, equities research analysts forecast that Wolfspeed will post -3.05 EPS for the current year.

Insiders Place Their Bets

In other news, Director Darren R. Jackson bought 10,000 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was bought at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the acquisition, the director now directly owns 49,021 shares in the company, valued at approximately $1,264,741.80. The purchase was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.85% of the company’s stock.

Institutional Trading of Wolfspeed

Several hedge funds and other institutional investors have recently modified their holdings of the business. TFO Wealth Partners LLC lifted its stake in Wolfspeed by 57,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after acquiring an additional 574 shares in the last quarter. Independence Bank of Kentucky grew its position in Wolfspeed by 97.0% during the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after purchasing an additional 350 shares in the last quarter. Fifth Third Bancorp increased its stake in Wolfspeed by 56.9% in the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock valued at $37,000 after buying an additional 452 shares during the period. Rakuten Securities Inc. purchased a new stake in Wolfspeed in the 4th quarter worth approximately $48,000. Finally, GAMMA Investing LLC acquired a new stake in shares of Wolfspeed during the 4th quarter valued at $56,000.

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.