Wolfspeed (NYSE:WOLF) Given New $8.00 Price Target at The Goldman Sachs Group

Wolfspeed (NYSE:WOLF) had its price objective dropped by equities research analysts at The Goldman Sachs Group from $15.00 to $8.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price suggests a potential upside of 204.76% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Canaccord Genuity Group dropped their price objective on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Susquehanna lowered their price objective on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research note on Wednesday, January 22nd. Bank of America cut their target price on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a research note on Thursday, January 30th. Piper Sandler lowered their price target on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, January 30th. Finally, StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Wolfspeed currently has a consensus rating of “Hold” and an average target price of $13.15.

Wolfspeed Trading Down 5.9 %

WOLF opened at $2.63 on Wednesday. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26. Wolfspeed has a 52 week low of $2.41 and a 52 week high of $30.86. The stock has a market cap of $335.25 million, a PE ratio of -0.34 and a beta of 1.50. The business has a 50 day moving average of $5.55 and a 200-day moving average of $7.97.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. Equities research analysts predict that Wolfspeed will post -4 earnings per share for the current fiscal year.

Institutional Trading of Wolfspeed

Several hedge funds have recently bought and sold shares of the stock. Jones Financial Companies Lllp raised its stake in shares of Wolfspeed by 1,240.6% in the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock worth $26,000 after buying an additional 3,548 shares during the period. R Squared Ltd purchased a new position in Wolfspeed during the fourth quarter valued at approximately $28,000. Steward Partners Investment Advisory LLC boosted its position in shares of Wolfspeed by 192.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock worth $29,000 after purchasing an additional 2,912 shares during the period. KBC Group NV increased its stake in shares of Wolfspeed by 76.5% in the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after purchasing an additional 2,629 shares in the last quarter. Finally, Allworth Financial LP lifted its stake in shares of Wolfspeed by 38.1% during the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock valued at $44,000 after buying an additional 1,949 shares in 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.