Wolfspeed, Inc. (NYSE:WOLF) Given Consensus Rating of “Hold” by Brokerages

Shares of Wolfspeed, Inc. (NYSE:WOLF) have received an average recommendation of “Hold” from the sixteen brokerages that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $17.21.

A number of analysts have recently weighed in on WOLF shares. Bank of America reduced their price objective on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research note on Friday, August 23rd. Mizuho decreased their price target on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a report on Tuesday. Susquehanna dropped their price objective on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. JPMorgan Chase & Co. decreased their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Finally, TD Cowen dropped their price target on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd.

Insider Buying and Selling at Wolfspeed

In related news, Chairman Thomas H. Werner bought 37,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the transaction, the chairman now directly owns 108,549 shares of the company’s stock, valued at $708,824.97. This represents a 52.78 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Darren R. Jackson purchased 36,975 shares of the stock in a transaction on Wednesday, November 20th. The stock was bought at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the transaction, the director now directly owns 85,996 shares of the company’s stock, valued at approximately $581,332.96. This trade represents a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

Institutional investors and hedge funds have recently made changes to their positions in the company. Two Sigma Advisers LP lifted its holdings in Wolfspeed by 813.6% during the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after purchasing an additional 2,189,500 shares during the last quarter. Primecap Management Co. CA raised its stake in shares of Wolfspeed by 15.3% in the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after acquiring an additional 800,540 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Wolfspeed by 1,158.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock worth $8,082,000 after acquiring an additional 766,971 shares in the last quarter. Vanguard Group Inc. grew its position in Wolfspeed by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after acquiring an additional 449,732 shares during the last quarter. Finally, Erste Asset Management GmbH acquired a new stake in Wolfspeed during the 3rd quarter valued at $4,542,000.

Wolfspeed Price Performance

Shares of NYSE:WOLF opened at $8.44 on Monday. The stock has a market capitalization of $1.08 billion, a P/E ratio of -1.42 and a beta of 1.46. The business has a 50-day moving average of $10.71 and a two-hundred day moving average of $16.94. Wolfspeed has a fifty-two week low of $6.10 and a fifty-two week high of $47.43. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54.

Wolfspeed (NYSE:WOLF) last posted its earnings results 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). Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. The company had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.11 million. On average, equities research analysts predict that Wolfspeed will post -4.13 EPS for the current fiscal year.

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.