Wolfspeed (NYSE:WOLF) Price Target Lowered to $30.00 at Susquehanna

Wolfspeed (NYSE:WOLF) had its price target cut by Susquehanna from $40.00 to $30.00 in a report issued on Tuesday,Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts have also commented on WOLF. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday, June 24th. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $25.00.

Wolfspeed Trading Up 7.2%

Wolfspeed stock opened at $31.48 on Tuesday. The firm has a market cap of $1.64 billion and a PE ratio of -2.98. Wolfspeed has a 12 month low of $8.05 and a 12 month high of $80.82. The stock’s 50 day simple moving average is $50.05 and its two-hundred day simple moving average is $31.42.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share for the quarter, beating the consensus estimate of ($3.78) by $0.52. The firm had revenue of $150.20 million for the quarter, compared to analysts’ expectations of $150.00 million. During the same period last year, the firm earned ($0.72) earnings per share. Wolfspeed’s revenue for the quarter was down 19.0% compared to the same quarter last year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Summit Securities Group LLC raised its position in Wolfspeed by 71.0% during the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after buying an additional 915 shares during the last quarter. Capital Investment Advisory Services LLC boosted its holdings in shares of Wolfspeed by 13.3% in the fourth quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock valued at $264,000 after acquiring an additional 1,783 shares in the last quarter. Eastern Bank purchased a new stake in shares of Wolfspeed in the fourth quarter valued at about $46,000. FNY Investment Advisers LLC acquired a new position in shares of Wolfspeed during the second quarter worth about $204,000. Finally, Royal Bank of Canada acquired a new position in shares of Wolfspeed during the first quarter worth about $89,000.

About Wolfspeed

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.