Oppenheimer Reaffirms Market Perform Rating for Wolfspeed (NYSE:WOLF)

Oppenheimer reiterated their market perform rating on shares of Wolfspeed (NYSE:WOLF) in a research report report published on Tuesday, Benzinga reports.

Other equities research analysts have also issued research reports about the company. JPMorgan Chase & Co. dropped their price target on Wolfspeed from $43.00 to $35.00 and set a neutral rating on the stock in a research note on Thursday, April 11th. Wells Fargo & Company reiterated an equal weight rating and issued a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. Mizuho upped their target price on Wolfspeed from $27.00 to $28.00 and gave the company a neutral rating in a research report on Tuesday, June 18th. Deutsche Bank Aktiengesellschaft dropped their target price on Wolfspeed from $30.00 to $25.00 and set a hold rating on the stock in a research report on Tuesday, May 7th. Finally, William Blair lowered Wolfspeed from an outperform rating to a market perform rating in a research report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Wolfspeed presently has an average rating of Hold and a consensus target price of $35.43.

Wolfspeed Price Performance

WOLF opened at $24.78 on Tuesday. Wolfspeed has a 1 year low of $20.63 and a 1 year high of $70.42. The firm has a market capitalization of $3.12 billion, a PE ratio of -3.84 and a beta of 1.60. The company has a debt-to-equity ratio of 5.55, a current ratio of 4.58 and a quick ratio of 4.00. The business’s 50-day moving average is $25.42 and its two-hundred day moving average is $28.31.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.79) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.03. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. The business had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.49 million. Research analysts anticipate that Wolfspeed will post -3.21 earnings per share for the current fiscal year.

Insider Transactions at Wolfspeed

In other Wolfspeed news, Director Marvin Riley bought 1,866 shares of Wolfspeed stock in a transaction dated Tuesday, May 28th. The stock was acquired at an average cost of $27.05 per share, with a total value of $50,475.30. Following the purchase, the director now directly owns 13,297 shares in the company, valued at approximately $359,683.85. The acquisition was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Norges Bank acquired a new position in Wolfspeed in the 4th quarter valued at $308,701,000. FengHe Fund Management Pte. Ltd. raised its stake in Wolfspeed by 438.9% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock valued at $62,272,000 after purchasing an additional 1,165,600 shares during the last quarter. Cibc World Markets Corp acquired a new position in Wolfspeed in the 4th quarter valued at $34,808,000. Vanguard Group Inc. raised its stake in 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 last quarter. Finally, Polar Capital Holdings Plc acquired a new position in Wolfspeed in the 3rd quarter valued at $16,200,000.

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.