Wolfspeed (NYSE:WOLF) Price Target Cut to $23.00 by Analysts at Susquehanna

Wolfspeed (NYSE:WOLF) had its price target trimmed by Susquehanna from $25.00 to $23.00 in a report published on Thursday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft reduced their price target on Wolfspeed from $35.00 to $30.00 and set a hold rating for the company in a report on Tuesday, April 23rd. William Blair cut Wolfspeed from an outperform rating to a market perform rating in a report on Thursday. JPMorgan Chase & Co. reduced their target price on Wolfspeed from $43.00 to $35.00 and set a neutral rating for the company in a report on Thursday, April 11th. Piper Sandler reduced their target price on Wolfspeed from $55.00 to $45.00 and set an overweight rating for the company in a report on Thursday, February 1st. Finally, TD Cowen cut Wolfspeed from a buy rating to a hold rating and reduced their target price for the company from $40.00 to $25.00 in a report on Thursday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $37.27.

Wolfspeed Stock Performance

NYSE WOLF opened at $25.33 on Thursday. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of -3.92 and a beta of 1.64. Wolfspeed has a twelve month low of $20.63 and a twelve month high of $70.42. The company has a current ratio of 4.58, a quick ratio of 4.58 and a debt-to-equity ratio of 5.55. The stock has a 50-day moving average of $26.61 and a 200 day moving average of $32.02.

Wolfspeed (NYSE:WOLF) last released its quarterly 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. The company had revenue of $208.40 million during the quarter, compared to analysts’ expectations of $205.94 million. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. Sell-side analysts anticipate that Wolfspeed will post -3.05 EPS for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently made changes to their positions in WOLF. Commonwealth Equity Services LLC increased its holdings in shares of Wolfspeed by 27.0% in the third quarter. Commonwealth Equity Services LLC now owns 39,392 shares of the company’s stock valued at $1,501,000 after purchasing an additional 8,374 shares during the last quarter. Raymond James & Associates grew its position in Wolfspeed by 1.6% in the third quarter. Raymond James & Associates now owns 181,867 shares of the company’s stock worth $6,929,000 after acquiring an additional 2,943 shares during the period. Migdal Insurance & Financial Holdings Ltd. grew its position in Wolfspeed by 26.9% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,205 shares of the company’s stock worth $83,000 after acquiring an additional 468 shares during the period. Zenyatta Capital Management LP purchased a new position in Wolfspeed in the third quarter worth approximately $3,429,000. Finally, Perigon Wealth Management LLC grew its position in Wolfspeed by 34.2% in the third quarter. Perigon Wealth Management LLC now owns 6,194 shares of the company’s stock worth $236,000 after acquiring an additional 1,579 shares during the period.

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.