Canaccord Genuity Group Issues Pessimistic Forecast for Wolfspeed (NYSE:WOLF) Stock Price

Wolfspeed (NYSE:WOLF) had its target price reduced by Canaccord Genuity Group from $18.00 to $10.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 63.75% from the company’s current price.

Several other research analysts have also weighed in on WOLF. Mizuho cut their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 19th. Bank of America lowered their price target on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a report on Thursday. Roth Mkm dropped their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Finally, 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 report on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $14.86.

Wolfspeed Price Performance

Shares of WOLF opened at $6.11 on Thursday. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. Wolfspeed has a twelve month low of $4.66 and a twelve month high of $34.63. The firm has a market capitalization of $779.94 million, a PE ratio of -0.80 and a beta of 1.43. The stock’s 50 day moving average is $7.44 and its two-hundred day moving average is $10.58.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 60.94%. Research analysts anticipate that Wolfspeed will post -4.2 earnings per share for the current year.

Insider Transactions at Wolfspeed

In other Wolfspeed news, Chairman Thomas H. Werner bought 37,500 shares of Wolfspeed 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 completion of the acquisition, the chairman now owns 108,549 shares of the company’s stock, valued at $708,824.97. This trade represents a 52.78 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Glenda Dorchak purchased 3,592 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was bought at an average price of $8.33 per share, with a total value of $29,921.36. Following the completion of the purchase, the director now owns 18,688 shares of the company’s stock, valued at approximately $155,671.04. This represents a 23.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 78,067 shares of company stock worth $524,747 over the last 90 days. 0.84% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its holdings in Wolfspeed by 30.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 637,581 shares of the company’s stock valued at $14,513,000 after buying an additional 149,093 shares during the period. Algert Global LLC raised its position in Wolfspeed by 31.4% during the 2nd quarter. Algert Global LLC now owns 53,076 shares of the company’s stock worth $1,208,000 after purchasing an additional 12,676 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its position in shares of Wolfspeed by 34.9% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 369,402 shares of the company’s stock worth $8,408,000 after purchasing an additional 95,600 shares during the period. Sanctuary Advisors LLC bought a new position in shares of Wolfspeed in the 2nd quarter worth about $220,000. Finally, SG Americas Securities LLC lifted its stake in Wolfspeed by 231.8% in the third quarter. SG Americas Securities LLC now owns 58,749 shares of the company’s stock valued at $570,000 after buying an additional 41,041 shares during the period.

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.