Canaccord Genuity Group Has Lowered Expectations for Wolfspeed (NYSE:WOLF) Stock Price

Wolfspeed (NYSE:WOLF) had its target price cut by investment analysts at Canaccord Genuity Group from $25.00 to $18.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 105.25% from the stock’s current price.

WOLF has been the subject of a number of other reports. The Goldman Sachs Group reduced their price target on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a report on Thursday. Bank of America reduced their target price on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research note on Friday, August 23rd. JPMorgan Chase & Co. dropped their price target on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday. Susquehanna reduced their price objective on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price on the stock. in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $17.36.

Wolfspeed Trading Down 36.0 %

Shares of WOLF stock traded down $4.94 on Thursday, hitting $8.77. The company had a trading volume of 28,267,522 shares, compared to its average volume of 6,534,489. Wolfspeed has a twelve month low of $7.28 and a twelve month high of $47.43. The company has a debt-to-equity ratio of 6.99, a quick ratio of 3.85 and a current ratio of 4.51. The firm has a market cap of $1.11 billion, a P/E ratio of -1.26 and a beta of 1.46. The stock’s 50-day moving average is $10.96 and its two-hundred day moving average is $18.23.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.20) by $0.09. Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. The firm had revenue of $194.70 million during the quarter, compared to analyst estimates of $200.11 million. On average, equities research analysts anticipate that Wolfspeed will post -4.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

A number of large investors have recently made changes to their positions in WOLF. Vanguard Group Inc. raised its stake in Wolfspeed by 3.6% in the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after buying an additional 449,732 shares in the last quarter. Primecap Management Co. CA grew its stake in shares of Wolfspeed by 15.3% in the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock worth $137,591,000 after buying an additional 800,540 shares during the last quarter. Bank of New York Mellon Corp increased its position in Wolfspeed by 14.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after buying an additional 147,527 shares in the last quarter. Samlyn Capital LLC raised its stake in Wolfspeed by 51.6% during the second quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after buying an additional 343,277 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in Wolfspeed by 2.0% in the first quarter. Janus Henderson Group PLC now owns 720,961 shares of the company’s stock worth $21,265,000 after acquiring an additional 14,007 shares in the last quarter.

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.