Wolfspeed (NYSE:WOLF) Given New $15.00 Price Target at The Goldman Sachs Group

Wolfspeed (NYSE:WOLF) had its price objective reduced by analysts at The Goldman Sachs Group from $17.00 to $15.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price would suggest a potential upside of 155.67% from the company’s current price.

Several other equities analysts have also commented on the company. Canaccord Genuity Group cut their price target on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. JPMorgan Chase & Co. cut 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, November 7th. Mizuho cut their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 19th. Piper Sandler cut their price target on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Roth Mkm dropped their price objective on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Wolfspeed has an average rating of “Hold” and an average target price of $16.07.

Wolfspeed Trading Down 2.2 %

WOLF stock traded down $0.13 during midday trading on Thursday, reaching $5.87. The company’s stock had a trading volume of 10,640,440 shares, compared to its average volume of 18,349,123. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. The stock has a fifty day simple moving average of $7.50 and a two-hundred day simple moving average of $10.74. Wolfspeed has a 1 year low of $4.66 and a 1 year high of $34.63. The firm has a market capitalization of $749.27 million, a price-to-earnings ratio of -0.99 and a beta of 1.43.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. On average, equities research analysts predict that Wolfspeed will post -4.2 EPS for the current year.

Insider Buying and Selling

In related news, Director Glenda Dorchak purchased 3,592 shares of Wolfspeed stock in a transaction that occurred on Friday, November 22nd. The stock was bought at an average cost of $8.33 per share, for a total transaction of $29,921.36. Following the completion of the transaction, the director now owns 18,688 shares in the company, valued at $155,671.04. The trade was a 23.79 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Thomas H. Werner purchased 37,500 shares of Wolfspeed stock in a transaction that occurred on Wednesday, November 20th. The shares were bought at an average price of $6.53 per share, with a total value of $244,875.00. Following the completion of the transaction, the chairman now owns 108,549 shares of the company’s stock, valued at $708,824.97. This represents a 52.78 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 78,067 shares of company stock valued at $524,747 over the last quarter. 0.84% of the stock is currently owned by company insiders.

Institutional Trading of Wolfspeed

Institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its position in shares of Wolfspeed by 30.5% during the second quarter. Dimensional Fund Advisors LP now owns 637,581 shares of the company’s stock worth $14,513,000 after purchasing an additional 149,093 shares in the last quarter. Algert Global LLC increased its position in shares of Wolfspeed by 31.4% during the second quarter. Algert Global LLC now owns 53,076 shares of the company’s stock worth $1,208,000 after purchasing an additional 12,676 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its position in shares of Wolfspeed by 34.9% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 369,402 shares of the company’s stock worth $8,408,000 after purchasing an additional 95,600 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Wolfspeed during the second quarter worth approximately $220,000. Finally, SG Americas Securities LLC increased its position in shares of Wolfspeed by 231.8% during the third quarter. SG Americas Securities LLC now owns 58,749 shares of the company’s stock worth $570,000 after purchasing an additional 41,041 shares in the last quarter.

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.