Wolfspeed’s (WOLF) “Equal Weight” Rating Reaffirmed at Wells Fargo & Company

Wells Fargo & Company reiterated their equal weight rating on shares of Wolfspeed (NYSE:WOLFFree Report) in a research note published on Wednesday morning, Marketbeat.com reports. The brokerage currently has a $30.00 price objective on the stock, down from their prior price objective of $55.00.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler dropped their price objective on shares of Wolfspeed from $55.00 to $45.00 and set an overweight rating on the stock in a research note on Thursday, February 1st. JPMorgan Chase & Co. cut their price target on Wolfspeed from $44.00 to $43.00 and set a neutral rating for the company in a research note on Thursday, February 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $45.07.

View Our Latest Report on Wolfspeed

Wolfspeed Trading Down 2.6 %

Shares of Wolfspeed stock opened at $27.02 on Wednesday. Wolfspeed has a 1 year low of $23.54 and a 1 year high of $70.42. The company has a debt-to-equity ratio of 4.50, a current ratio of 5.13 and a quick ratio of 4.58. The stock has a market cap of $3.40 billion, a PE ratio of -4.44 and a beta of 1.66. The firm has a fifty day moving average price of $27.89 and a 200 day moving average price of $33.64.

Wolfspeed (NYSE:WOLFGet Free Report) last released its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. The business had revenue of $208.40 million during the quarter, compared to analyst estimates of $205.94 million. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. Equities research analysts predict that Wolfspeed will post -3.05 earnings per share for the current year.

Insider Transactions at Wolfspeed

In other Wolfspeed news, Director Darren R. Jackson purchased 10,000 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were purchased at an average cost of $25.80 per share, with a total value of $258,000.00. Following the completion of the purchase, the director now owns 49,021 shares in the company, valued at approximately $1,264,741.80. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. TFO Wealth Partners LLC grew its holdings in Wolfspeed by 57,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after buying an additional 574 shares in the last quarter. Independence Bank of Kentucky grew its holdings in shares of Wolfspeed by 97.0% in the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after purchasing an additional 350 shares during the period. First Manhattan CO. LLC. acquired a new stake in Wolfspeed during the first quarter worth about $39,000. Penserra Capital Management LLC purchased a new position in Wolfspeed during the fourth quarter worth about $43,000. Finally, Rakuten Securities Inc. acquired a new position in Wolfspeed in the 4th quarter valued at about $48,000.

About Wolfspeed

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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.

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Analyst Recommendations for Wolfspeed (NYSE:WOLF)

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