The Goldman Sachs Group Has Lowered Expectations for Wolfspeed (NYSE:WOLF) Stock Price

Wolfspeed (NYSE:WOLF) had its price target reduced by stock analysts at The Goldman Sachs Group from $22.00 to $19.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential upside of 93.88% from the company’s previous close.

A number of other brokerages have also commented on WOLF. Canaccord Genuity Group decreased their price target on shares of Wolfspeed from $45.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Morgan Stanley raised their price target on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price objective on the stock. in a research report on Wednesday, August 7th. Piper Sandler reissued an “overweight” rating and set a $18.00 price objective (down from $20.00) on shares of Wolfspeed in a report on Thursday. Finally, Mizuho lowered Wolfspeed from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $17.00 to $8.00 in a research note on Thursday, October 3rd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Wolfspeed has a consensus rating of “Hold” and an average price target of $19.14.

Wolfspeed Price Performance

Shares of Wolfspeed stock traded down $3.91 on Thursday, reaching $9.80. The stock had a trading volume of 16,610,125 shares, compared to its average volume of 6,489,760. The business’s 50 day moving average is $10.96 and its two-hundred day moving average is $18.23. The company has a current ratio of 4.51, a quick ratio of 3.85 and a debt-to-equity ratio of 6.99. Wolfspeed has a 1 year low of $7.28 and a 1 year high of $47.43. The company has a market cap of $1.24 billion, a P/E ratio of -1.38 and a beta of 1.46.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, November 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.20) by $0.09. The business had revenue of $194.70 million for the quarter, compared to analysts’ expectations of $200.11 million. Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. As a group, research analysts anticipate that Wolfspeed will post -4.07 EPS for the current year.

Institutional Investors Weigh In On Wolfspeed

Several institutional investors have recently added to or reduced their stakes in WOLF. Vanguard Group Inc. raised its stake in shares of Wolfspeed by 3.6% during the first 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 last quarter. Primecap Management Co. CA raised its position in Wolfspeed by 15.3% during 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 last quarter. Bank of New York Mellon Corp lifted its holdings in Wolfspeed by 14.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock worth $26,796,000 after buying an additional 147,527 shares during the period. Samlyn Capital LLC grew its position 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 worth $22,968,000 after buying an additional 343,277 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in shares of Wolfspeed by 2.0% during the first quarter. Janus Henderson Group PLC now owns 720,961 shares of the company’s stock valued at $21,265,000 after buying an additional 14,007 shares during the period.

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.