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

Shares of Wolfspeed, Inc. (NYSE:WOLF) have been assigned a consensus rating of “Hold” from the sixteen analysts that are covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $14.86.

Several research firms recently weighed in on WOLF. Canaccord Genuity Group cut their target price on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Bank of America cut their price objective on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a research report on Thursday, January 30th. The Goldman Sachs Group reduced their target price on Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Susquehanna dropped their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research note on Wednesday, January 22nd. Finally, Piper Sandler reduced their price objective on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, January 30th.

Wolfspeed Price Performance

NYSE:WOLF opened at $5.38 on Friday. The business’s 50-day simple moving average is $5.90 and its two-hundred day simple moving average is $8.15. Wolfspeed has a 52 week low of $4.66 and a 52 week high of $30.86. The stock has a market cap of $687.35 million, a PE ratio of -0.70 and a beta of 1.50. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26.

Wolfspeed (NYSE:WOLF) last issued its 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 70.84%. As a group, analysts forecast that Wolfspeed will post -4 EPS for the current fiscal year.

Hedge Funds Weigh In On Wolfspeed

Hedge funds have recently added to or reduced their stakes in the company. Two Sigma Advisers LP grew its stake in shares of Wolfspeed by 813.6% during the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after buying an additional 2,189,500 shares during the last quarter. Frontier Capital Management Co. LLC boosted its holdings in Wolfspeed by 94.2% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company’s stock valued at $13,658,000 after acquiring an additional 995,020 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in Wolfspeed by 1,158.0% in the 3rd 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 during the last quarter. Erste Asset Management GmbH purchased a new stake in Wolfspeed in the third quarter worth $4,542,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Wolfspeed by 38.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company’s stock worth $8,040,000 after purchasing an additional 335,966 shares during the last quarter.

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.