Wolfspeed, Inc. (NYSE:WOLF) Receives $14.86 Average Target Price from Brokerages

Wolfspeed, Inc. (NYSE:WOLF) has received an average recommendation of “Hold” from the sixteen ratings firms that are covering the stock, MarketBeat Ratings reports. Two 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. The average 1-year target price among analysts that have issued a report on the stock in the last year is $14.86.

WOLF has been the subject of a number of research analyst reports. Piper Sandler lowered their target price on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Morgan Stanley raised their price objective on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. StockNews.com raised Wolfspeed to a “sell” rating in a research report on Monday, January 6th. The Goldman Sachs Group reduced their price objective on Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Finally, Roth Mkm reduced their price objective on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, November 7th.

Insider Transactions at Wolfspeed

In other news, Chairman Thomas H. Werner purchased 37,500 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were purchased at an average cost of $6.53 per share, for a total transaction of $244,875.00. Following the purchase, the chairman now directly owns 108,549 shares in the company, valued at approximately $708,824.97. This represents a 52.78 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Glenda Dorchak bought 3,592 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were bought at an average price of $8.33 per share, for a total transaction of $29,921.36. Following the completion of the transaction, the director now directly owns 18,688 shares of the company’s stock, valued at $155,671.04. This represents a 23.79 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 78,067 shares of company stock worth $524,747 in the last ninety days. Insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

Several institutional investors and hedge funds have recently bought and sold shares of WOLF. Two Sigma Advisers LP lifted its position in shares of Wolfspeed by 813.6% in the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after acquiring an additional 2,189,500 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Wolfspeed by 1,158.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock valued at $8,082,000 after acquiring an additional 766,971 shares in the last quarter. Erste Asset Management GmbH purchased a new position in shares of Wolfspeed in the third quarter valued at about $4,542,000. Iridian Asset Management LLC CT lifted its position in shares of Wolfspeed by 319.9% in the third quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after acquiring an additional 397,057 shares in the last quarter. Finally, Yong Rong HK Asset Management Ltd purchased a new position in shares of Wolfspeed in the third quarter valued at about $2,988,000.

Wolfspeed Trading Down 1.4 %

NYSE WOLF opened at $5.84 on Friday. Wolfspeed has a fifty-two week low of $4.66 and a fifty-two week high of $30.87. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The stock has a 50 day simple moving average of $7.23 and a two-hundred day simple moving average of $10.14. The stock has a market cap of $745.19 million, a P/E ratio of -0.76 and a beta of 1.43.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. On average, analysts forecast that Wolfspeed will post -4.2 earnings per share for the current year.

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.