Wolfspeed (NYSE:WOLF) Price Target Cut to $17.00 by Analysts at JPMorgan Chase & Co.

Wolfspeed (NYSE:WOLF) had its target price cut by JPMorgan Chase & Co. from $20.00 to $17.00 in a research note released on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

Several other equities research analysts have also commented on the stock. Piper Sandler restated an “overweight” rating and issued a $18.00 price target (down previously from $20.00) on shares of Wolfspeed in a report on Thursday. New Street Research downgraded shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price objective for the company. in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft dropped their target price 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 downgraded Wolfspeed from a “neutral” rating to an “underperform” rating and cut their price target for the company from $17.00 to $8.00 in a report on Thursday, October 3rd. Finally, The Goldman Sachs Group decreased their price objective on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $17.36.

Wolfspeed Trading Up 20.4 %

WOLF opened at $10.03 on Thursday. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99. The stock’s fifty day moving average is $10.92 and its two-hundred day moving average is $18.03. The company has a market capitalization of $1.27 billion, a P/E ratio of -1.69 and a beta of 1.46. Wolfspeed has a 52 week low of $7.28 and a 52 week high of $47.43.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results 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 45.09% and a negative net margin of 93.31%. Analysts forecast that Wolfspeed will post -4.07 earnings per share for the current year.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Iridian Asset Management LLC CT increased its stake in Wolfspeed by 319.9% during 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 in the last quarter. Lazard Asset Management LLC grew its holdings in shares of Wolfspeed by 292,375.0% during the first quarter. Lazard Asset Management LLC now owns 70,194 shares of the company’s stock valued at $2,070,000 after buying an additional 70,170 shares during the last quarter. Rheos Capital Works Inc. grew its holdings in shares of Wolfspeed by 140.8% during the third quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock valued at $4,147,000 after buying an additional 250,000 shares during the last quarter. Vanguard Group Inc. increased its position 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 acquiring an additional 449,732 shares during the period. Finally, Boston Partners purchased a new position in Wolfspeed in the 1st quarter worth $1,621,000.

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.