Roth Mkm Lowers Wolfspeed (NYSE:WOLF) Price Target to $20.00

Wolfspeed (NYSE:WOLF) had its target price lowered by research analysts at Roth Mkm from $25.00 to $20.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Roth Mkm’s price objective indicates a potential upside of 99.80% from the stock’s current price.

Several other brokerages have also commented on WOLF. New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a research note on Wednesday, August 7th. Morgan Stanley boosted their price target on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Susquehanna decreased their price target on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, August 22nd. Piper Sandler reissued an “overweight” rating and set a $18.00 price target (down previously from $20.00) on shares of Wolfspeed in a research note on Thursday. Finally, TD Cowen cut their price objective on Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $17.36.

Wolfspeed Price Performance

Shares of WOLF opened at $10.01 on Thursday. Wolfspeed has a twelve month low of $7.28 and a twelve month high of $47.43. The stock’s 50 day moving average is $10.92 and its two-hundred day moving average is $18.06. The firm has a market capitalization of $1.27 billion, a PE ratio of -1.44 and a beta of 1.46. The company has a current ratio of 4.51, a quick ratio of 3.85 and a debt-to-equity ratio of 6.99.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($1.11) EPS for the quarter, topping the consensus estimate of ($1.20) by $0.09. The business had revenue of $194.70 million for the quarter, compared to analyst estimates of $200.11 million. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. Research analysts anticipate that Wolfspeed will post -4.07 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Wolfspeed by 3.6% in 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 raised its holdings in Wolfspeed by 5.0% in the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock valued at $61,587,000 after acquiring an additional 303,870 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in 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 acquiring an additional 147,527 shares during the last quarter. Samlyn Capital LLC raised its holdings in 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 acquiring an additional 343,277 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in 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 valued at $8,082,000 after acquiring an additional 766,971 shares during the last quarter.

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.