Wolfspeed (NYSE:WOLF) Price Target Cut to $47.00 by Analysts at Canaccord Genuity Group

Wolfspeed (NYSE:WOLF) had its target price lowered by Canaccord Genuity Group from $50.00 to $47.00 in a report released on Thursday, Benzinga reports. The firm currently has a buy rating on the stock.

Other research analysts have also recently issued research reports about the company. Susquehanna cut their price objective on Wolfspeed from $25.00 to $23.00 and set a neutral rating for the company in a research report on Thursday. Mizuho dropped their price target on Wolfspeed from $30.00 to $27.00 and set a neutral rating for the company in a research report on Thursday. JPMorgan Chase & Co. dropped their price target on Wolfspeed from $43.00 to $35.00 and set a neutral rating for the company in a research report on Thursday, April 11th. TD Cowen cut Wolfspeed from a buy rating to a hold rating and dropped their price target for the company from $40.00 to $25.00 in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Wolfspeed from $35.00 to $30.00 and set a hold rating for the company in a research report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Hold and an average price target of $37.27.

Wolfspeed Trading Up 7.5 %

NYSE:WOLF opened at $25.33 on Thursday. The stock has a fifty day moving average price of $26.61 and a two-hundred day moving average price of $32.02. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of -3.92 and a beta of 1.64. The company has a debt-to-equity ratio of 5.55, a quick ratio of 4.58 and a current ratio of 4.58. Wolfspeed has a 1 year low of $20.63 and a 1 year high of $70.42.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.10. The firm 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%. As a group, sell-side analysts anticipate that Wolfspeed will post -3.05 earnings per share for the current fiscal year.

Institutional Trading of Wolfspeed

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Iridian Asset Management LLC CT increased its position in Wolfspeed by 10.6% during the 1st quarter. Iridian Asset Management LLC CT now owns 118,274 shares of the company’s stock worth $3,489,000 after purchasing an additional 11,380 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Wolfspeed by 20.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 128,099 shares of the company’s stock worth $3,779,000 after buying an additional 22,075 shares during the last quarter. Retirement Systems of Alabama boosted its stake in Wolfspeed by 0.4% in the 1st quarter. Retirement Systems of Alabama now owns 238,375 shares of the company’s stock worth $7,032,000 after buying an additional 1,011 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in Wolfspeed by 6.3% in the 1st quarter. Commonwealth Equity Services LLC now owns 35,534 shares of the company’s stock worth $1,048,000 after buying an additional 2,116 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Wolfspeed by 2.9% in the 1st quarter. Principal Financial Group Inc. now owns 473,571 shares of the company’s stock worth $13,970,000 after buying an additional 13,537 shares during the last quarter.

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.