Roth Mkm Has Lowered Expectations for Wolfspeed (NYSE:WOLF) Stock Price

Wolfspeed (NYSE:WOLF) had its price objective decreased by stock analysts at Roth Mkm from $25.00 to $20.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Roth Mkm’s price target would suggest a potential upside of 90.66% from the company’s current price.

Several other brokerages have also commented on WOLF. Deutsche Bank Aktiengesellschaft reduced their price objective on Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. Mizuho lowered Wolfspeed from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $17.00 to $8.00 in a research report on Thursday, October 3rd. TD Cowen reduced their price objective on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. The Goldman Sachs Group reduced their price target on Wolfspeed from $48.00 to $28.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Finally, Canaccord Genuity Group reduced their price target on Wolfspeed from $45.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Wolfspeed presently has a consensus rating of “Hold” and an average target price of $19.79.

Wolfspeed Price Performance

NYSE WOLF traded down $3.22 during trading on Thursday, reaching $10.49. The company’s stock had a trading volume of 11,823,485 shares, compared to its average volume of 6,467,600. The stock has a market capitalization of $1.33 billion, a PE ratio of -1.52 and a beta of 1.46. The company has a debt-to-equity ratio of 6.99, a current ratio of 4.51 and a quick ratio of 3.85. The firm has a fifty day moving average of $10.96 and a 200 day moving average of $18.23. Wolfspeed has a one year low of $7.28 and a one year high of $47.43.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($1.11) EPS for the quarter, beating the consensus estimate of ($1.20) by $0.09. The firm had revenue of $194.70 million for the quarter, compared to analyst estimates of $200.11 million. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. Analysts expect that Wolfspeed will post -4.07 EPS for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

Several institutional investors and hedge funds have recently bought and sold shares of the business. Primecap Management Co. CA lifted its stake in shares of Wolfspeed by 15.3% in the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after purchasing an additional 800,540 shares during the period. Vanguard Group Inc. lifted its stake in shares of Wolfspeed by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after purchasing an additional 449,732 shares during the period. Iridian Asset Management LLC CT lifted its stake in shares of Wolfspeed by 319.9% in the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after purchasing an additional 397,057 shares during the period. Samlyn Capital LLC lifted its stake in shares of Wolfspeed by 51.6% in the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after purchasing an additional 343,277 shares during the period. Finally, Yong Rong HK Asset Management Ltd purchased a new position in shares of Wolfspeed in the 3rd quarter valued at approximately $2,988,000.

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.