Brokerages Set Wolfspeed, Inc. (NYSE:WOLF) PT at $36.36

Shares of Wolfspeed, Inc. (NYSE:WOLF) have been assigned an average recommendation of “Hold” from the fourteen brokerages that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $35.43.

A number of analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft cut their price objective on Wolfspeed from $30.00 to $25.00 and set a “hold” rating for the company in a research report on Tuesday, May 7th. William Blair downgraded Wolfspeed from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 2nd. Susquehanna cut their price objective on Wolfspeed from $25.00 to $23.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. JPMorgan Chase & Co. cut their price objective on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. Finally, Roth Mkm reissued a “buy” rating and set a $50.00 price objective on shares of Wolfspeed in a research report on Tuesday, April 30th.

Wolfspeed Stock Down 3.8 %

NYSE WOLF opened at $22.08 on Friday. Wolfspeed has a 52 week low of $20.63 and a 52 week high of $70.42. The company has a quick ratio of 4.00, a current ratio of 4.58 and a debt-to-equity ratio of 5.55. The business’s fifty day simple moving average is $25.73 and its 200-day simple moving average is $29.84. The firm has a market cap of $2.78 billion, a PE ratio of -3.42 and a beta of 1.60.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.79) EPS for the quarter, topping the consensus estimate of ($0.82) by $0.03. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. The business had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.49 million. As a group, equities analysts anticipate that Wolfspeed will post -3.13 earnings per share for the current year.

Insider Transactions at Wolfspeed

In related news, Director Marvin Riley acquired 1,866 shares of the stock in a transaction dated Tuesday, May 28th. The stock was acquired at an average cost of $27.05 per share, with a total value of $50,475.30. Following the completion of the transaction, the director now owns 13,297 shares in the company, valued at approximately $359,683.85. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

Institutional investors and hedge funds have recently made changes to their positions in the stock. TFO Wealth Partners LLC grew its position in shares of Wolfspeed by 57,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after buying an additional 574 shares in the last quarter. Independence Bank of Kentucky grew its position in shares of Wolfspeed by 97.0% during the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after buying an additional 350 shares in the last quarter. Rakuten Securities Inc. acquired a new position in shares of Wolfspeed during the fourth quarter worth about $48,000. Fifth Third Bancorp lifted its stake in Wolfspeed by 56.9% during the first quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock worth $37,000 after purchasing an additional 452 shares during the last quarter. Finally, GAMMA Investing LLC purchased a new stake in Wolfspeed during the fourth quarter worth approximately $56,000.

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.