Wolfspeed (NYSE:WOLF) Price Target Lowered to $10.00 at Canaccord Genuity Group

Wolfspeed (NYSE:WOLF) had its price target lowered by equities research analysts at Canaccord Genuity Group from $18.00 to $10.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 64.07% from the company’s previous close.

Several other equities analysts also recently commented on the stock. Morgan Stanley upped their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. lowered their price target on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. StockNews.com upgraded Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Piper Sandler decreased their target price on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday. Finally, Bank of America reduced their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a research report on Thursday. Three 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’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $14.86.

Wolfspeed Price Performance

Shares of NYSE WOLF traded up $0.10 during midday trading on Thursday, hitting $6.10. 29,455,750 shares of the company’s stock were exchanged, compared to its average volume of 19,281,092. The business’s fifty day moving average price is $7.50 and its two-hundred day moving average price is $10.74. The company has a market cap of $778.39 million, a price-to-earnings ratio of -1.02 and a beta of 1.43. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. Wolfspeed has a 12-month low of $4.66 and a 12-month high of $34.63.

Wolfspeed (NYSE:WOLF) last released its earnings results 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 93.31% and a negative return on equity of 49.86%. As a group, research analysts forecast that Wolfspeed will post -4.2 EPS for the current fiscal year.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, Chairman Thomas H. Werner acquired 37,500 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was purchased at an average price of $6.53 per share, with a total value of $244,875.00. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Glenda Dorchak acquired 3,592 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was bought at an average cost of $8.33 per share, for a total transaction of $29,921.36. Following the purchase, the director now directly owns 18,688 shares of the company’s stock, valued at approximately $155,671.04. This trade represents a 23.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 78,067 shares of company stock worth $524,747 in the last three months. 0.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Wolfspeed

Several large investors have recently made changes to their positions in WOLF. Eastern Bank bought a new stake in Wolfspeed in the 3rd quarter worth approximately $27,000. R Squared Ltd bought a new position in Wolfspeed during the fourth quarter valued at $28,000. KBC Group NV grew its stake in shares of Wolfspeed by 76.5% in the 4th quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after buying an additional 2,629 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Wolfspeed by 416.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after buying an additional 3,664 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new stake in Wolfspeed during the fourth quarter worth approximately $52,000.

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.