Susquehanna Issues Pessimistic Forecast for Wolfspeed (NYSE:WOLF) Stock Price

Wolfspeed (NYSE:WOLF) had its price objective reduced by equities researchers at Susquehanna from $11.00 to $7.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Susquehanna’s price objective suggests a potential upside of 14.29% from the company’s previous close.

A number of other analysts have also weighed in on WOLF. Roth Mkm decreased their target price on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. The Goldman Sachs Group decreased their price target on shares of Wolfspeed from $19.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. JPMorgan Chase & Co. decreased their price target on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. StockNews.com raised shares of Wolfspeed to a “sell” rating in a report on Monday, January 6th. Finally, Canaccord Genuity Group decreased their price target on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $16.79.

Wolfspeed Stock Performance

Wolfspeed stock opened at $6.13 on Wednesday. The firm’s 50 day simple moving average is $7.53 and its 200 day simple moving average is $11.34. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. The firm has a market capitalization of $782.22 million, a PE ratio of -1.03 and a beta of 1.43. Wolfspeed has a 1-year low of $4.66 and a 1-year high of $37.24.

Insider Buying and Selling at Wolfspeed

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

Institutional Trading of Wolfspeed

A number of institutional investors and hedge funds have recently bought and sold shares of WOLF. Iridian Asset Management LLC CT grew its stake in shares of Wolfspeed by 319.9% in the third quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after acquiring an additional 397,057 shares during the period. Public Sector Pension Investment Board bought a new stake in shares of Wolfspeed in the third quarter worth approximately $2,590,000. Primecap Management Co. CA grew its stake in shares of Wolfspeed by 5.0% in the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after acquiring an additional 303,870 shares during the period. Principal Financial Group Inc. grew its stake in shares of Wolfspeed by 41.4% in the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock worth $5,748,000 after acquiring an additional 173,409 shares during the period. Finally, Rheos Capital Works Inc. grew its stake in shares of Wolfspeed by 140.8% in the third quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock worth $4,147,000 after acquiring an additional 250,000 shares during the period.

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.