Wolfspeed, Inc. (NYSE:WOLF) Given Average Recommendation of “Hold” by Analysts

Wolfspeed, Inc. (NYSE:WOLF) has received a consensus rating of “Hold” from the sixteen research firms that are covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $14.86.

A number of equities analysts have weighed in on the stock. Roth Mkm dropped their price target on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Mizuho dropped their target price on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a report on Tuesday, November 19th. Piper Sandler decreased their price target on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday. Bank of America dropped their price objective on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a research note on Thursday. Finally, JPMorgan Chase & Co. decreased their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th.

Insider Activity at Wolfspeed

In other news, Director Glenda Dorchak acquired 3,592 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was bought at an average cost of $8.33 per share, with a total value of $29,921.36. Following the completion of the purchase, the director now directly owns 18,688 shares of the company’s stock, valued at $155,671.04. This represents a 23.79 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Thomas H. Werner bought 37,500 shares of Wolfspeed stock in a transaction dated Wednesday, November 20th. The stock was purchased at an average cost of $6.53 per share, for a total transaction of $244,875.00. Following the purchase, the chairman now owns 108,549 shares of the company’s stock, valued at approximately $708,824.97. This trade represents a 52.78 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 78,067 shares of company stock valued at $524,747 over the last 90 days. 0.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Wolfspeed

Large investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its stake in shares of Wolfspeed by 30.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 637,581 shares of the company’s stock worth $14,513,000 after acquiring an additional 149,093 shares during the last quarter. Algert Global LLC lifted its position in shares of Wolfspeed by 31.4% during the second 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. Sanctuary Advisors LLC purchased a new stake in shares of Wolfspeed during the second quarter valued at $220,000. SG Americas Securities LLC grew its holdings in shares of Wolfspeed by 231.8% in the third quarter. SG Americas Securities LLC now owns 58,749 shares of the company’s stock worth $570,000 after purchasing an additional 41,041 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in Wolfspeed by 416.4% in the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock worth $44,000 after buying an additional 3,664 shares during the period.

Wolfspeed Price Performance

NYSE WOLF opened at $6.11 on Friday. The business’s fifty day moving average is $7.44 and its 200 day moving average is $10.58. Wolfspeed has a fifty-two week low of $4.66 and a fifty-two week high of $34.63. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. The company has a market capitalization of $779.94 million, a PE ratio of -0.80 and a beta of 1.43.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) earnings per share 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%. Sell-side analysts predict that Wolfspeed will post -4.2 earnings per share for the current 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.