Wolfspeed, Inc. (NYSE:WOLF) Receives $22.43 Average Target Price from Analysts

Wolfspeed, Inc. (NYSE:WOLF) has been assigned a consensus recommendation of “Hold” from the sixteen ratings firms that are currently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $22.43.

Several analysts have recently weighed in on WOLF shares. Bank of America dropped their price objective on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a report on Friday, August 23rd. Susquehanna dropped their price objective on shares of Wolfspeed from $23.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday, August 22nd. Piper Sandler lowered their price target on shares of Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, August 22nd. TD Cowen dropped their price objective on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. Finally, Mizuho cut shares of Wolfspeed from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $17.00 to $8.00 in a research report on Thursday, October 3rd.

Institutional Trading of Wolfspeed

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Wolfspeed by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after acquiring an additional 449,732 shares during the last quarter. Primecap Management Co. CA grew its holdings in shares of Wolfspeed by 15.3% in the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after buying an additional 800,540 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Wolfspeed by 14.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after buying an additional 147,527 shares during the period. Samlyn Capital LLC grew its holdings in shares of Wolfspeed by 51.6% in the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after buying an additional 343,277 shares during the period. Finally, Janus Henderson Group PLC grew its holdings in shares of Wolfspeed by 2.0% in the 1st quarter. Janus Henderson Group PLC now owns 720,961 shares of the company’s stock valued at $21,265,000 after buying an additional 14,007 shares during the period.

Wolfspeed Stock Up 3.3 %

Shares of WOLF opened at $15.35 on Thursday. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of -2.38 and a beta of 1.52. The company has a 50-day moving average price of $10.81 and a two-hundred day moving average price of $18.72. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99. Wolfspeed has a 12 month low of $7.28 and a 12 month high of $47.43.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The firm had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. Equities analysts predict that Wolfspeed will post -3.84 EPS for the current fiscal year.

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.