Wolfspeed (NYSE:WOLF) Given New $30.00 Price Target at Deutsche Bank Aktiengesellschaft

Wolfspeed (NYSE:WOLF) had its target price cut by Deutsche Bank Aktiengesellschaft from $35.00 to $30.00 in a research note issued to investors on Tuesday, Benzinga reports. They currently have a hold rating on the stock.

Several other brokerages have also recently commented on WOLF. Mizuho assumed coverage on Wolfspeed in a report on Friday, April 5th. They set a neutral rating and a $30.00 target price on the stock. Piper Sandler decreased their price target on shares of Wolfspeed from $55.00 to $45.00 and set an overweight rating on the stock in a research report on Thursday, February 1st. Wells Fargo & Company restated an equal weight rating and issued a $30.00 price target (down previously from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. decreased their price target on shares of Wolfspeed from $43.00 to $35.00 and set a neutral rating on the stock in a research report on Thursday, April 11th. Finally, Susquehanna decreased their price target on shares of Wolfspeed from $35.00 to $25.00 and set a neutral rating on the stock in a research report on Tuesday. One equities research 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, the company presently 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 12 month low of $21.85 and a 12 month high of $70.42. The stock has a market cap of $2.84 billion, a price-to-earnings ratio of -3.71 and a beta of 1.66. The stock’s 50 day moving average price is $26.71 and its 200 day moving average price is $32.45. The company has a debt-to-equity ratio of 4.50, a current ratio of 5.13 and a quick ratio of 4.58.

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

Insiders Place Their Bets

In other news, Director Darren R. Jackson acquired 10,000 shares of the stock in a transaction on Friday, February 2nd. The shares were purchased at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the transaction, the director now owns 49,021 shares in the company, valued at approximately $1,264,741.80. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

Several institutional investors and hedge funds have recently modified their holdings of the stock. State of Michigan Retirement System grew its holdings in shares of Wolfspeed by 1.0% during the 4th quarter. State of Michigan Retirement System now owns 30,022 shares of the company’s stock valued at $1,306,000 after acquiring an additional 300 shares in the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of Wolfspeed by 2.8% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 11,573 shares of the company’s stock valued at $435,000 after acquiring an additional 317 shares in the last quarter. Independence Bank of Kentucky grew its holdings in shares of Wolfspeed by 97.0% during the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after acquiring an additional 350 shares in the last quarter. Fox Run Management L.L.C. grew its holdings in shares of Wolfspeed by 3.4% during the 3rd quarter. Fox Run Management L.L.C. now owns 13,407 shares of the company’s stock valued at $511,000 after acquiring an additional 437 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in shares of Wolfspeed by 56.9% during the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock valued at $37,000 after acquiring an additional 452 shares in the last quarter.

Wolfspeed Company Profile

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.