Wolfspeed (NYSE:WOLF) Coverage Initiated by Analysts at Evercore ISI

Evercore ISI assumed coverage on shares of Wolfspeed (NYSE:WOLFGet Rating) in a research report report published on Tuesday, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $155.00 price target on the stock.

A number of other equities research analysts have also recently commented on the company. StockNews.com raised Wolfspeed to a sell rating in a report on Friday, July 22nd. The Goldman Sachs Group raised their price target on Wolfspeed from $108.00 to $124.00 and gave the company a buy rating in a report on Friday, August 19th. Citigroup raised their price target on Wolfspeed from $95.00 to $115.00 and gave the company a buy rating in a report on Thursday, August 18th. Wells Fargo & Company raised their price target on Wolfspeed from $100.00 to $125.00 in a report on Thursday, August 18th. Finally, Oppenheimer raised their price target on Wolfspeed from $105.00 to $120.00 and gave the company an outperform rating in a report on Thursday, August 18th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $120.88.

Wolfspeed Price Performance

Shares of Wolfspeed stock opened at $113.98 on Tuesday. Wolfspeed has a one year low of $58.07 and a one year high of $142.33. The stock’s fifty day moving average is $95.63 and its 200 day moving average is $78.90. The stock has a market cap of $14.15 billion, a P/E ratio of -67.05 and a beta of 1.58. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.95 and a current ratio of 4.54.

Wolfspeed (NYSE:WOLFGet Rating) last announced its earnings results on Wednesday, August 17th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.08. Wolfspeed had a negative return on equity of 4.93% and a negative net margin of 26.92%. The company had revenue of $228.50 million for the quarter, compared to analysts’ expectations of $207.58 million. During the same period last year, the firm earned ($0.34) EPS. Wolfspeed’s revenue for the quarter was up 56.7% compared to the same quarter last year. Sell-side analysts anticipate that Wolfspeed will post -0.49 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Duy Loan T. Le purchased 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 25th. The stock was bought at an average price of $120.34 per share, for a total transaction of $240,680.00. Following the completion of the transaction, the director now owns 2,000 shares in the company, valued at approximately $240,680. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.61% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Crossmark Global Holdings Inc. boosted its position in shares of Wolfspeed by 5.2% during the first quarter. Crossmark Global Holdings Inc. now owns 10,670 shares of the company’s stock valued at $1,214,000 after buying an additional 530 shares during the period. PFS Investments Inc. boosted its position in shares of Wolfspeed by 4.6% during the first quarter. PFS Investments Inc. now owns 61,839 shares of the company’s stock valued at $7,041,000 after buying an additional 2,702 shares during the period. Icon Wealth Partners LLC boosted its position in shares of Wolfspeed by 27.9% during the second quarter. Icon Wealth Partners LLC now owns 4,088 shares of the company’s stock valued at $259,000 after buying an additional 893 shares during the period. Rothschild Investment Corp IL boosted its position in shares of Wolfspeed by 26.6% during the second quarter. Rothschild Investment Corp IL now owns 15,700 shares of the company’s stock valued at $996,000 after buying an additional 3,300 shares during the period. Finally, Amalgamated Bank boosted its position in shares of Wolfspeed by 1.1% during the first quarter. Amalgamated Bank now owns 84,090 shares of the company’s stock valued at $9,574,000 after buying an additional 954 shares during the period.

About Wolfspeed

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Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies Europe, China, the United States, Japan, South Korea, 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.

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Analyst Recommendations for Wolfspeed (NYSE:WOLF)

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