Wolfspeed (NYSE:WOLF) Receives “Buy” Rating from Canaccord Genuity Group

Canaccord Genuity Group reiterated their buy rating on shares of Wolfspeed (NYSE:WOLFGet Rating) in a report published on Wednesday, Benzinga reports. The firm currently has a $140.00 price objective on the stock.

A number of other equities research analysts also recently issued reports on WOLF. StockNews.com upgraded shares of Wolfspeed to a sell rating in a research note on Friday, July 22nd. Citigroup increased their price objective on shares of Wolfspeed from $95.00 to $115.00 and gave the stock a buy rating in a research note on Thursday, August 18th. BMO Capital Markets increased their price objective on shares of Wolfspeed from $75.00 to $100.00 and gave the stock a market perform rating in a research note on Thursday, August 18th. Morgan Stanley increased their price objective on shares of Wolfspeed from $101.00 to $106.00 and gave the stock an equal weight rating in a research note on Thursday, August 18th. Finally, Cowen increased their target price on shares of Wolfspeed from $100.00 to $125.00 and gave the stock an outperform rating in a report on Thursday, August 18th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $121.76.

Wolfspeed Trading Up 0.6 %

WOLF stock opened at $120.13 on Wednesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.95 and a current ratio of 4.54. The company’s 50-day simple moving average is $100.43 and its 200 day simple moving average is $81.13. Wolfspeed has a 52 week low of $58.07 and a 52 week high of $142.33. The company has a market capitalization of $14.92 billion, a PE ratio of -70.66 and a beta of 1.58.

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

Insider Activity at Wolfspeed

In other news, Director Duy Loan T. Le purchased 2,000 shares of the stock in a transaction on Thursday, August 25th. The stock was purchased at an average price of $120.34 per share, for a total transaction of $240,680.00. Following the acquisition, the director now owns 2,000 shares in the company, valued at $240,680. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.62% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Forum Financial Management LP bought a new position in Wolfspeed during the 1st quarter worth approximately $200,000. Capital Impact Advisors LLC acquired a new stake in shares of Wolfspeed during the 2nd quarter worth approximately $136,000. Icon Wealth Partners LLC grew its position in shares of Wolfspeed by 7.5% during the 1st quarter. Icon Wealth Partners LLC now owns 3,195 shares of the company’s stock worth $364,000 after buying an additional 224 shares during the period. Centiva Capital LP acquired a new stake in shares of Wolfspeed during the 2nd quarter worth approximately $304,000. Finally, Eos Focused Equity Management L.P. acquired a new stake in shares of Wolfspeed during the 1st quarter worth approximately $590,000.

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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