Brokerages Set Wolfspeed, Inc. (NYSE:WOLF) PT at $14.86

Shares of Wolfspeed, Inc. (NYSE:WOLF) have been given a consensus recommendation of “Hold” by the sixteen ratings firms that are covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $14.86.

Several analysts have recently commented on WOLF shares. Morgan Stanley increased their price target on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Piper Sandler decreased their price objective on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, January 30th. Mizuho dropped their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research report on Tuesday, November 19th. Bank of America decreased their price target on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a report on Thursday, January 30th. Finally, StockNews.com raised Wolfspeed to a “sell” rating in a report on Monday, January 6th.

Insider Activity

In related news, Director Darren R. Jackson purchased 36,975 shares of Wolfspeed stock in a transaction dated Wednesday, November 20th. The stock was bought at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the acquisition, the director now directly owns 85,996 shares of the company’s stock, valued at $581,332.96. This represents a 75.43 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Thomas H. Werner acquired 37,500 shares of the stock in a transaction dated Wednesday, November 20th. The shares were bought at an average cost 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 represents a 52.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 78,067 shares of company stock valued at $524,747 in the last quarter. Company insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WOLF. Eastern Bank bought a new stake in shares of Wolfspeed in the third quarter valued at about $27,000. Jones Financial Companies Lllp raised its position in Wolfspeed by 1,240.6% in the 4th quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock valued at $26,000 after buying an additional 3,548 shares during the last quarter. R Squared Ltd bought a new stake in Wolfspeed in the 4th quarter valued at approximately $28,000. Steward Partners Investment Advisory LLC boosted its position in Wolfspeed by 192.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock worth $29,000 after acquiring an additional 2,912 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Wolfspeed by 416.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock worth $44,000 after acquiring an additional 3,664 shares in the last quarter.

Wolfspeed Stock Down 9.4 %

NYSE WOLF opened at $5.35 on Friday. The stock’s 50 day simple moving average is $7.09 and its 200 day simple moving average is $9.99. Wolfspeed has a one year low of $4.66 and a one year high of $30.87. The firm has a market cap of $683.50 million, a PE ratio of -0.70 and a beta of 1.43. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47.

Wolfspeed (NYSE:WOLF) last issued its quarterly 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 70.84% and a negative net margin of 125.96%. As a group, sell-side analysts forecast that Wolfspeed will post -4.2 earnings per share for the current fiscal year.

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.