The Goldman Sachs Group Issues Pessimistic Forecast for Wolfspeed (NYSE:WOLF) Stock Price

Wolfspeed (NYSE:WOLF) had its price objective decreased by research analysts at The Goldman Sachs Group from $17.00 to $15.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target would suggest a potential upside of 145.62% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. Mizuho decreased their price target on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday, November 19th. Roth Mkm lowered their price target on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Canaccord Genuity Group reduced their price objective on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Morgan Stanley lifted their target price on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. dropped their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $14.86.

Wolfspeed Stock Up 0.3 %

Shares of WOLF stock opened at $6.11 on Thursday. Wolfspeed has a 12-month low of $4.66 and a 12-month high of $34.63. 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 firm has a fifty day moving average of $7.44 and a 200-day moving average of $10.58. The company has a market capitalization of $779.94 million, a price-to-earnings ratio of -0.80 and a beta of 1.43.

Wolfspeed (NYSE:WOLF) last released 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 net margin of 125.96% and a negative return on equity of 60.94%. As a group, equities research analysts predict that Wolfspeed will post -4.2 earnings per share for the current fiscal year.

Insider Transactions at Wolfspeed

In other news, Director Glenda Dorchak purchased 3,592 shares of the company’s stock in a transaction that occurred 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 acquisition, the director now owns 18,688 shares in the company, valued at approximately $155,671.04. This trade represents a 23.79 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Thomas H. Werner acquired 37,500 shares of the stock in a transaction on Wednesday, November 20th. The shares were purchased at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the transaction, the chairman now directly owns 108,549 shares in the company, valued at approximately $708,824.97. This trade represents a 52.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 78,067 shares of company stock worth $524,747. 0.84% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Vontobel Holding Ltd. grew its position in Wolfspeed by 5.1% during the third quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company’s stock worth $364,000 after buying an additional 1,835 shares in the last quarter. New York State Teachers Retirement System grew its holdings in shares of 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 purchasing an additional 1,885 shares in the last quarter. Allworth Financial LP increased its position in shares of Wolfspeed by 38.1% in the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock worth $44,000 after purchasing an additional 1,949 shares during the period. KBC Group NV raised its stake in Wolfspeed by 76.5% in 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. Finally, Eastern Bank acquired a new stake in Wolfspeed during the third quarter worth about $27,000.

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.