Brokerages Set Wolfspeed, Inc. (NYSE:WOLF) Price Target at $35.43

Shares of Wolfspeed, Inc. (NYSE:WOLF) have been given a consensus recommendation of “Hold” by the fifteen ratings firms that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $35.43.

Several analysts have weighed in on WOLF shares. Mizuho boosted their price objective on Wolfspeed from $27.00 to $28.00 and gave the stock a “neutral” rating in a report on Tuesday, June 18th. William Blair cut Wolfspeed from an “outperform” rating to a “market perform” rating in a report on Thursday, May 2nd. TD Cowen cut Wolfspeed from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $40.00 to $25.00 in a report on Thursday, May 2nd. JPMorgan Chase & Co. dropped their price objective on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. Finally, Canaccord Genuity Group lowered their price target on Wolfspeed from $47.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, June 25th.

Insider Activity at Wolfspeed

In other Wolfspeed news, Director Marvin Riley acquired 1,866 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was acquired at an average cost of $27.05 per share, for a total transaction of $50,475.30. Following the transaction, the director now owns 13,297 shares of the company’s stock, valued at $359,683.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.62% of the stock is owned by insiders.

Hedge Funds Weigh In On Wolfspeed

Large investors have recently bought and sold shares of the company. TFO Wealth Partners LLC boosted its position in Wolfspeed by 57,400.0% during 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 during the last quarter. Independence Bank of Kentucky boosted its position in Wolfspeed by 97.0% during the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after acquiring an additional 350 shares during the last quarter. Rakuten Securities Inc. bought a new stake in shares of Wolfspeed during the 4th quarter worth approximately $48,000. Mather Group LLC. raised its stake in shares of Wolfspeed by 385.5% during the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after purchasing an additional 933 shares in the last quarter. Finally, Fifth Third Bancorp raised its stake in shares of Wolfspeed by 56.9% during the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock worth $37,000 after purchasing an additional 452 shares in the last quarter.

Wolfspeed Stock Performance

Wolfspeed stock opened at $20.97 on Tuesday. The stock has a 50-day simple moving average of $25.28 and a 200 day simple moving average of $27.44. The company has a quick ratio of 4.00, a current ratio of 4.58 and a debt-to-equity ratio of 5.55. Wolfspeed has a 12-month low of $20.63 and a 12-month high of $67.27. The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of -3.25 and a beta of 1.60.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, May 1st. The company reported ($0.79) earnings per share for the quarter, topping the consensus estimate of ($0.82) by $0.03. The firm had revenue of $200.70 million during the quarter, compared to analysts’ expectations of $201.49 million. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. On average, research analysts anticipate that Wolfspeed will post -3.21 earnings per share for the current fiscal year.

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.