Susquehanna Cuts Wolfspeed (NYSE:WOLF) Price Target to $25.00

Wolfspeed (NYSE:WOLF) had its target price cut by Susquehanna from $35.00 to $25.00 in a report issued on Tuesday morning, Benzinga reports. They currently have a neutral rating on the stock.

Several other brokerages also recently issued reports on WOLF. Piper Sandler cut their target price on shares of Wolfspeed from $55.00 to $45.00 and set an overweight rating for the company in a research note on Thursday, February 1st. Mizuho assumed coverage on Wolfspeed in a research note on Friday, April 5th. They set a neutral rating and a $30.00 target price for the company. Wells Fargo & Company reissued an equal weight rating and set a $30.00 target price (down from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. cut their price target on Wolfspeed from $43.00 to $35.00 and set a neutral rating for the company in a report on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Hold and an average price target of $41.88.

Wolfspeed Price Performance

Shares of NYSE WOLF opened at $22.57 on Tuesday. Wolfspeed has a fifty-two week low of $21.85 and a fifty-two week high of $70.42. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of -3.71 and a beta of 1.66. 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 business has a 50-day moving average of $26.71 and a 200-day moving average of $32.45.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.10. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. The business had revenue of $208.40 million for the quarter, compared to the consensus estimate of $205.94 million. As a group, sell-side analysts predict that Wolfspeed will post -3.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Wolfspeed news, Director Darren R. Jackson acquired 10,000 shares of the business’s stock in a transaction on Friday, February 2nd. The stock was purchased at an average price of $25.80 per share, with a total value of $258,000.00. Following the acquisition, the director now directly owns 49,021 shares of the company’s stock, valued at approximately $1,264,741.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.85% of the stock is owned by insiders.

Institutional Trading of Wolfspeed

A number of institutional investors have recently modified their holdings of WOLF. Norges Bank acquired a new stake in shares of Wolfspeed during the 4th quarter worth approximately $308,701,000. FengHe Fund Management Pte. Ltd. lifted its holdings in shares of Wolfspeed by 438.9% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock worth $62,272,000 after acquiring an additional 1,165,600 shares during the last quarter. JANA Partners Management LP acquired a new stake in shares of Wolfspeed in the 3rd quarter valued at approximately $35,662,000. Cibc World Markets Corp bought a new stake in shares of Wolfspeed during the 4th quarter valued at approximately $34,808,000. Finally, Polar Capital Holdings Plc acquired a new position in Wolfspeed during the 3rd quarter worth approximately $16,200,000.

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.