The Goldman Sachs Group Cuts Wolfspeed (NYSE:WOLF) Price Target to $17.00

Wolfspeed (NYSE:WOLF) had its target price trimmed by The Goldman Sachs Group from $19.00 to $17.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms have also issued reports on WOLF. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Mizuho decreased their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research report on Tuesday, November 19th. Morgan Stanley boosted their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Canaccord Genuity Group cut their target price on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. reduced their price objective 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 research 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’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $17.07.

Wolfspeed Stock Performance

Shares of WOLF stock opened at $6.25 on Thursday. The firm has a market capitalization of $798.70 million, a price-to-earnings ratio of -1.05 and a beta of 1.43. 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 50 day moving average price of $7.70 and a 200 day moving average price of $11.74. Wolfspeed has a one year low of $4.66 and a one year high of $37.29.

Insider Buying and Selling

In related news, Chairman Thomas H. Werner acquired 37,500 shares of the stock in a transaction on Wednesday, November 20th. The stock was purchased at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the transaction, the chairman now owns 108,549 shares of the company’s stock, valued at $708,824.97. The trade was a 52.78 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Darren R. Jackson bought 36,975 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was bought at an average cost of $6.76 per share, with a total value of $249,951.00. Following the completion of the purchase, the director now owns 85,996 shares of the company’s stock, valued at approximately $581,332.96. The trade was a 75.43 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 78,067 shares of company stock worth $524,747 in the last quarter. 0.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Wolfspeed

Several large investors have recently made changes to their positions in WOLF. Iridian Asset Management LLC CT boosted its stake in Wolfspeed by 319.9% in the third quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after acquiring an additional 397,057 shares during the last quarter. Public Sector Pension Investment Board acquired a new position in shares of Wolfspeed in the 3rd quarter valued at $2,590,000. Primecap Management Co. CA boosted its position in shares of Wolfspeed by 5.0% in the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after purchasing an additional 303,870 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Wolfspeed by 41.4% during the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock worth $5,748,000 after purchasing an additional 173,409 shares during the period. Finally, Rheos Capital Works Inc. increased its holdings in Wolfspeed by 140.8% in the third quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock valued at $4,147,000 after purchasing an additional 250,000 shares during 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.