Wolfspeed (NYSE:WOLF) Price Target Cut to $6.00 by Analysts at Mizuho

Wolfspeed (NYSE:WOLF) had its target price reduced by Mizuho from $10.00 to $6.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an underperform rating on the stock.

A number of other brokerages also recently issued reports on WOLF. Deutsche Bank Aktiengesellschaft decreased their price target on Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. TD Cowen decreased their price target on Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. New Street Research cut Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price objective for the company. in a research report on Wednesday, August 7th. Piper Sandler restated an “overweight” rating and issued a $18.00 price objective (down from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. Finally, Roth Mkm cut their price objective on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. 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 company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $17.21.

Wolfspeed Trading Down 8.2 %

Wolfspeed stock opened at $6.45 on Tuesday. Wolfspeed has a 52 week low of $6.34 and a 52 week high of $47.43. The company has a market capitalization of $823.11 million, a price-to-earnings ratio of -1.08 and a beta of 1.46. The stock has a 50-day moving average price of $10.77 and a 200 day moving average price of $17.09. 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 announced its quarterly earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). Wolfspeed had a negative net margin of 93.31% and a negative return on equity of 49.86%. The company had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.11 million. Sell-side analysts anticipate that Wolfspeed will post -4.13 EPS for the current year.

Institutional Trading of Wolfspeed

Several large investors have recently made changes to their positions in the company. ProShare Advisors LLC grew its holdings in Wolfspeed by 23.2% in the 1st quarter. ProShare Advisors LLC now owns 21,402 shares of the company’s stock valued at $631,000 after buying an additional 4,027 shares in the last quarter. Vanguard Group Inc. grew 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 buying an additional 449,732 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Wolfspeed by 14.8% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 133,395 shares of the company’s stock valued at $3,935,000 after buying an additional 17,154 shares in the last quarter. Natixis purchased a new stake in Wolfspeed in the 1st quarter valued at $875,000. Finally, EntryPoint Capital LLC grew its holdings in Wolfspeed by 149.4% in the 1st quarter. EntryPoint Capital LLC now owns 3,295 shares of the company’s stock valued at $97,000 after buying an additional 1,974 shares in the last quarter.

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.