Wolfspeed (NYSE:WOLF) Given New $10.00 Price Target at Canaccord Genuity Group

Wolfspeed (NYSE:WOLF) had its target price reduced by Canaccord Genuity Group from $18.00 to $10.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also weighed in on WOLF. JPMorgan Chase & Co. cut their target price on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Susquehanna reduced their target price on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, January 22nd. Roth Mkm decreased their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. StockNews.com raised Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Finally, Mizuho decreased their price objective on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research report on Tuesday, November 19th. Three 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, the stock has a consensus rating of “Hold” and an average target price of $14.86.

Wolfspeed Stock Up 1.6 %

NYSE:WOLF opened at $6.10 on Thursday. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. Wolfspeed has a 12-month low of $4.66 and a 12-month high of $34.63. The stock’s fifty day simple moving average is $7.49 and its 200-day simple moving average is $10.71. The firm has a market capitalization of $778.39 million, a P/E ratio of -1.02 and a beta of 1.43.

Wolfspeed (NYSE:WOLF) last posted 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 return on equity of 49.86% and a negative net margin of 93.31%. Equities research analysts expect that Wolfspeed will post -4.2 earnings per share for the current year.

Insider Transactions at Wolfspeed

In related news, Chairman Thomas H. Werner purchased 37,500 shares of the stock in a transaction on Wednesday, November 20th. The shares were purchased at an average price of $6.53 per share, with a total value of $244,875.00. Following the transaction, the chairman now directly owns 108,549 shares of the company’s stock, valued at $708,824.97. This trade represents a 52.78 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Glenda Dorchak acquired 3,592 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was bought at an average cost of $8.33 per share, with a total value of $29,921.36. Following the acquisition, the director now owns 18,688 shares in the company, valued at $155,671.04. The trade was a 23.79 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 78,067 shares of company stock valued at $524,747 over the last 90 days. 0.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Wolfspeed

Institutional investors have recently added to or reduced their stakes in the company. Primecap Management Co. CA boosted its stake in shares of Wolfspeed by 5.0% during the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after acquiring an additional 303,870 shares during the period. Two Sigma Advisers LP raised its stake in Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after acquiring an additional 2,189,500 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Wolfspeed by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock valued at $8,451,000 after purchasing an additional 21,143 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in Wolfspeed by 1,158.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock worth $8,082,000 after purchasing an additional 766,971 shares during the period. Finally, Iridian Asset Management LLC CT increased its holdings in shares of Wolfspeed by 56.6% in the fourth quarter. Iridian Asset Management LLC CT now owns 816,183 shares of the company’s stock valued at $5,436,000 after purchasing an additional 295,025 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.