Mizuho Lowers Wolfspeed (NYSE:WOLF) Price Target to $6.00

Wolfspeed (NYSE:WOLF) had its target price lowered by Mizuho from $10.00 to $6.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an underperform rating on the stock.

Several other analysts have also recently issued reports on WOLF. Bank of America reduced their price objective on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research note on Friday, August 23rd. JPMorgan Chase & Co. decreased their price objective on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. The Goldman Sachs Group cut their target price on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Piper Sandler reiterated an “overweight” rating and issued a $18.00 price target (down previously from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Wolfspeed presently has a consensus rating of “Hold” and an average price target of $17.21.

Wolfspeed Stock Performance

NYSE WOLF opened at $8.44 on Tuesday. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. The company has a market cap of $1.08 billion, a P/E ratio of -1.42 and a beta of 1.46. The stock has a 50-day moving average of $10.71 and a two-hundred day moving average of $16.94. Wolfspeed has a 1-year low of $6.10 and a 1-year high of $47.43.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. The business had revenue of $200.70 million for the quarter, compared to analysts’ expectations of $201.11 million. As a group, analysts anticipate that Wolfspeed will post -4.13 EPS for the current year.

Insider Activity at Wolfspeed

In related news, Chairman Thomas H. Werner acquired 37,500 shares of Wolfspeed stock in a transaction on Wednesday, November 20th. The stock was purchased at an average cost of $6.53 per share, with a total value of $244,875.00. Following the purchase, the chairman now directly owns 108,549 shares in the company, valued at approximately $708,824.97. The trade was a 52.78 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Darren R. Jackson acquired 36,975 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were bought at an average cost of $6.76 per share, with a total value of $249,951.00. Following the completion of the transaction, the director now directly owns 85,996 shares in the company, valued at $581,332.96. This trade represents a 75.43 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Wolfspeed by 3.6% during the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after purchasing an additional 449,732 shares in the last quarter. Primecap Management Co. CA raised its stake in shares of Wolfspeed by 5.0% during the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after buying an additional 303,870 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in shares of Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after buying an additional 2,189,500 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Wolfspeed by 14.3% in the second quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after buying an additional 147,527 shares in the last quarter. Finally, Samlyn Capital LLC grew its holdings in Wolfspeed by 51.6% during the second quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock worth $22,968,000 after acquiring an additional 343,277 shares during the period.

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.