Wolfspeed (NYSE:WOLF) Given New $10.00 Price Target at Piper Sandler

Wolfspeed (NYSE:WOLF) had its target price reduced by Piper Sandler from $18.00 to $10.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s target price would suggest a potential upside of 63.75% from the stock’s previous close.

Other equities analysts also recently issued reports about the company. Canaccord Genuity Group reduced their price target on Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Roth Mkm reduced their price objective on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Susquehanna cut their price target on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, January 22nd. Mizuho lowered their price objective on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 19th. Finally, StockNews.com upgraded Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $14.86.

Wolfspeed Trading Up 0.3 %

NYSE:WOLF opened at $6.11 on Thursday. The firm has a market capitalization of $779.94 million, a P/E ratio of -0.80 and a beta of 1.43. 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 one year low of $4.66 and a one year high of $34.63. The company’s 50-day simple moving average is $7.44 and its 200 day simple moving average is $10.58.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 60.94% and a negative net margin of 125.96%. As a group, analysts forecast that Wolfspeed will post -4.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Glenda Dorchak purchased 3,592 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was acquired at an average cost 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 in the company, valued at $155,671.04. This trade represents a 23.79 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Thomas H. Werner acquired 37,500 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were 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 ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 78,067 shares of company stock valued at $524,747. 0.84% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its position in shares of Wolfspeed by 30.5% in the second quarter. Dimensional Fund Advisors LP now owns 637,581 shares of the company’s stock valued at $14,513,000 after acquiring an additional 149,093 shares in the last quarter. Algert Global LLC raised its stake in Wolfspeed by 31.4% during the 2nd quarter. Algert Global LLC now owns 53,076 shares of the company’s stock valued at $1,208,000 after purchasing an additional 12,676 shares during the period. Teachers Retirement System of The State of Kentucky lifted its holdings in Wolfspeed by 34.9% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 369,402 shares of the company’s stock worth $8,408,000 after purchasing an additional 95,600 shares in the last quarter. Sanctuary Advisors LLC bought a new position in Wolfspeed in the 2nd quarter worth approximately $220,000. Finally, SG Americas Securities LLC grew its holdings in Wolfspeed by 231.8% during the 3rd quarter. SG Americas Securities LLC now owns 58,749 shares of the company’s stock valued at $570,000 after buying an additional 41,041 shares in the last quarter.

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.