Wolfspeed, Inc. (NYSE:WOLF) Receives Consensus Recommendation of “Hold” from Analysts

Wolfspeed, Inc. (NYSE:WOLFGet Free Report) has earned an average recommendation of “Hold” from the fourteen ratings firms that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, nine have issued a hold recommendation and four have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $36.29.

A number of equities research analysts have weighed in on WOLF shares. Piper Sandler decreased their price objective on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, February 1st. Wells Fargo & Company reiterated an “equal weight” rating and issued a $30.00 price target (down from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. Mizuho lowered their target price on Wolfspeed from $30.00 to $27.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. Canaccord Genuity Group dropped their target price on shares of Wolfspeed from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Finally, Citigroup reduced their price objective on Wolfspeed from $29.00 to $25.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd.

Get Our Latest Report on Wolfspeed

Wolfspeed Price Performance

Shares of NYSE:WOLF opened at $26.27 on Monday. The company has a debt-to-equity ratio of 5.55, a current ratio of 4.58 and a quick ratio of 4.00. The stock has a market capitalization of $3.31 billion, a P/E ratio of -4.07 and a beta of 1.64. The business has a 50-day moving average of $26.08 and a two-hundred day moving average of $31.27. Wolfspeed has a fifty-two week low of $20.63 and a fifty-two week high of $70.42.

Wolfspeed (NYSE:WOLFGet Free Report) last released its quarterly earnings results on Wednesday, May 1st. The company reported ($0.79) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.82) by $0.03. The company had revenue of $200.70 million during the quarter, compared to analysts’ expectations of $201.49 million. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 27.37%. On average, equities research analysts predict that Wolfspeed will post -3.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

A number of hedge funds have recently added to or reduced their stakes in the company. California Public Employees Retirement System raised its position in Wolfspeed by 2.6% in the third quarter. California Public Employees Retirement System now owns 183,080 shares of the company’s stock worth $6,975,000 after acquiring an additional 4,553 shares during the period. Nomura Asset Management Co. Ltd. grew its holdings in shares of Wolfspeed by 21.0% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 33,960 shares of the company’s stock worth $1,294,000 after acquiring an additional 5,900 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Wolfspeed by 18.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 8,378 shares of the company’s stock worth $319,000 after acquiring an additional 1,312 shares in the last quarter. Versor Investments LP bought a new stake in shares of Wolfspeed during the third quarter valued at approximately $666,000. Finally, Harvest Fund Management Co. Ltd boosted its holdings in shares of Wolfspeed by 549.8% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 9,747 shares of the company’s stock valued at $371,000 after buying an additional 8,247 shares in the last quarter.

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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