Wolfspeed (NYSE:WOLF) Given New $10.00 Price Target at Piper Sandler

Wolfspeed (NYSE:WOLF) had its price objective reduced by Piper Sandler from $18.00 to $10.00 in a report released on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts also recently issued reports about the stock. Mizuho lowered their price objective on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research report on Tuesday, November 19th. JPMorgan Chase & Co. lowered their price target on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Morgan Stanley raised their price objective on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Roth Mkm lowered their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group reduced their price target on shares of Wolfspeed from $19.00 to $17.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $14.86.

Wolfspeed Stock Performance

Shares of NYSE:WOLF opened at $6.11 on Thursday. Wolfspeed has a 12-month low of $4.66 and a 12-month high of $34.63. The company’s 50 day moving average price is $7.44 and its two-hundred day moving average price is $10.48. The firm has a market cap of $779.92 million, a PE ratio of -0.80 and a beta of 1.43. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82.

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

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, Director Glenda Dorchak purchased 3,592 shares of Wolfspeed stock in a transaction that occurred on Friday, November 22nd. The stock was acquired at an average price of $8.33 per share, with a total value of $29,921.36. Following the transaction, the director now owns 18,688 shares in the company, valued at $155,671.04. This trade represents a 23.79 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Darren R. Jackson acquired 36,975 shares of Wolfspeed stock in a transaction dated Wednesday, November 20th. The shares were acquired at an average price of $6.76 per share, with a total value of $249,951.00. Following the completion of the acquisition, the director now directly owns 85,996 shares of the company’s stock, valued at approximately $581,332.96. The trade was a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 78,067 shares of company stock valued at $524,747. 0.84% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds have recently bought and sold shares of the company. Eastern Bank purchased a new stake in Wolfspeed in the 3rd quarter valued at about $27,000. R Squared Ltd bought a new position in shares of Wolfspeed in the fourth quarter valued at approximately $28,000. KBC Group NV increased its position in shares of Wolfspeed by 76.5% during the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock valued at $40,000 after acquiring an additional 2,629 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Wolfspeed by 416.4% during the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after acquiring an additional 3,664 shares during the last quarter. Finally, Allworth Financial LP lifted its holdings in Wolfspeed by 38.1% during the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock worth $44,000 after acquiring an additional 1,949 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.