Wolfspeed, Inc. (NYSE:WOLF) Receives $22.43 Average Price Target from Analysts

Wolfspeed, Inc. (NYSE:WOLF) has earned an average recommendation of “Hold” from the sixteen research firms that are currently covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $22.43.

A number of brokerages recently issued reports on WOLF. Morgan Stanley lifted their target price on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft dropped their target price on Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. Canaccord Genuity Group decreased their price target on Wolfspeed from $45.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Susquehanna decreased their price target on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday, August 22nd. Finally, Piper Sandler decreased their price target on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, August 22nd.

Wolfspeed Trading Down 0.9 %

NYSE WOLF opened at $14.86 on Thursday. The stock’s 50-day moving average is $10.76 and its 200-day moving average is $18.87. Wolfspeed has a one year low of $7.28 and a one year high of $47.43. The firm has a market cap of $1.87 billion, a P/E ratio of -2.30 and a beta of 1.52. The company has a debt-to-equity ratio of 6.99, a current ratio of 4.51 and a quick ratio of 3.85.

Wolfspeed (NYSE:WOLF) last announced its 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 107.93% and a negative return on equity of 37.76%. The firm 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 -3.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Iridian Asset Management LLC CT lifted its holdings in Wolfspeed by 319.9% during the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after purchasing an additional 397,057 shares during the last quarter. New York State Teachers Retirement System lifted its holdings in Wolfspeed by 1.3% during the 3rd quarter. New York State Teachers Retirement System now owns 145,284 shares of the company’s stock worth $1,409,000 after purchasing an additional 1,885 shares during the last quarter. Semanteon Capital Management LP lifted its holdings in Wolfspeed by 136.6% during the 3rd quarter. Semanteon Capital Management LP now owns 122,444 shares of the company’s stock worth $1,188,000 after purchasing an additional 70,699 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in Wolfspeed by 430.5% during the 3rd quarter. State of Alaska Department of Revenue now owns 71,819 shares of the company’s stock worth $696,000 after purchasing an additional 58,282 shares during the last quarter. Finally, Louisiana State Employees Retirement System lifted its holdings in Wolfspeed by 70.8% during the 3rd quarter. Louisiana State Employees Retirement System now owns 60,800 shares of the company’s stock worth $590,000 after purchasing an additional 25,200 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.