Wolfspeed (NYSE:WOLF) Given New $10.00 Price Target at Piper Sandler

Wolfspeed (NYSE:WOLF) had its target price reduced by investment analysts at Piper Sandler from $18.00 to $10.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price target points to a potential upside of 66.53% from the stock’s current price.

A number of other analysts have also recently commented on WOLF. Morgan Stanley boosted their price target on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Susquehanna cut their target price on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 22nd. The Goldman Sachs Group lowered their price target on Wolfspeed from $19.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. StockNews.com raised shares of Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Finally, Roth Mkm reduced their price objective on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Wolfspeed has an average rating of “Hold” and an average price target of $16.21.

Wolfspeed Price Performance

Shares of WOLF stock opened at $6.01 on Thursday. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. The stock has a market cap of $766.90 million, a price-to-earnings ratio of -1.01 and a beta of 1.43. The business’s fifty day moving average is $7.50 and its 200 day moving average is $10.74. Wolfspeed has a twelve month low of $4.66 and a twelve month high of $35.28.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. Research analysts expect that Wolfspeed will post -4.2 EPS for the current fiscal year.

Insider Buying and Selling

In other Wolfspeed news, Director Glenda Dorchak bought 3,592 shares of Wolfspeed stock in a transaction on Friday, November 22nd. The stock was acquired at an average cost of $8.33 per share, with a total value of $29,921.36. Following the completion of the acquisition, the director now owns 18,688 shares in the company, valued at approximately $155,671.04. This represents a 23.79 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Darren R. Jackson purchased 36,975 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were acquired at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the purchase, the director now directly owns 85,996 shares in the company, valued at approximately $581,332.96. The trade was a 75.43 % 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 over the last 90 days. Company insiders own 0.84% of the company’s stock.

Institutional Trading of Wolfspeed

Several hedge funds have recently bought and sold shares of the stock. Vontobel Holding Ltd. lifted its position in shares of Wolfspeed by 5.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company’s stock valued at $364,000 after buying an additional 1,835 shares in the last quarter. New York State Teachers Retirement System raised its stake 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 acquiring an additional 1,885 shares during the period. KBC Group NV lifted its holdings in Wolfspeed by 76.5% during the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock valued at $40,000 after purchasing an additional 2,629 shares in the last quarter. Eastern Bank bought a new position in shares of Wolfspeed in the third quarter worth approximately $27,000. Finally, Asset Management One Co. Ltd. increased its stake in shares of Wolfspeed by 69.0% in the third quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock worth $69,000 after purchasing an additional 2,885 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.