Mizuho Cuts Wolfspeed (NYSE:WOLF) Price Target to $6.00

Wolfspeed (NYSE:WOLF) had its target price lowered by Mizuho from $10.00 to $6.00 in a report published on Tuesday morning,Benzinga reports. The brokerage currently has an underperform rating on the stock.

WOLF has been the topic of a number of other reports. JPMorgan Chase & Co. decreased their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. TD Cowen decreased their target price on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, August 22nd. Bank of America decreased their target price on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a report on Friday, August 23rd. The Goldman Sachs Group decreased their target price on Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Finally, Canaccord Genuity Group decreased their target price on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Wolfspeed has an average rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Price Performance

NYSE WOLF opened at $6.47 on Tuesday. The business’s fifty day moving average price is $10.71 and its 200-day moving average price is $16.94. The stock has a market capitalization of $826.23 million, a price-to-earnings ratio of -1.09 and a beta of 1.46. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. Wolfspeed has a 1-year low of $6.10 and a 1-year high of $47.43.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The firm had revenue of $200.70 million for the quarter, compared to the consensus estimate of $201.11 million. Wolfspeed had a negative net margin of 93.31% and a negative return on equity of 49.86%. On average, equities analysts predict that Wolfspeed will post -4.13 earnings per share for the current year.

Insider Buying and Selling at Wolfspeed

In other news, Chairman Thomas H. Werner acquired 37,500 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was purchased at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the transaction, the chairman now directly owns 108,549 shares in the company, valued at approximately $708,824.97. This trade represents a 52.78 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Darren R. Jackson acquired 36,975 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were purchased at an average price of $6.76 per share, with a total value of $249,951.00. Following the transaction, the director now owns 85,996 shares of the company’s stock, valued at approximately $581,332.96. This represents a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Advisors Asset Management Inc. grew its position in shares of Wolfspeed by 64.8% during the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock valued at $52,000 after purchasing an additional 691 shares in the last quarter. Arizona State Retirement System grew its position in Wolfspeed by 2.3% in the second quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock worth $802,000 after acquiring an additional 775 shares in the last quarter. Mather Group LLC. grew its position in Wolfspeed by 385.5% in the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after acquiring an additional 933 shares in the last quarter. Signaturefd LLC grew its position in Wolfspeed by 284.3% in the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after acquiring an additional 1,544 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its position in Wolfspeed by 6.2% in the second quarter. Nisa Investment Advisors LLC now owns 29,470 shares of the company’s stock worth $671,000 after acquiring an additional 1,722 shares in 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.