Wolfspeed, Inc. (NYSE:WOLF – Get Free Report) fell 3.9% on Friday after Canaccord Genuity Group lowered their price target on the stock from $72.00 to $64.00. Canaccord Genuity Group currently has a buy rating on the stock. Wolfspeed traded as low as $42.21 and last traded at $42.37. 1,389,260 shares were traded during trading, a decline of 50% from the average session volume of 2,774,258 shares. The stock had previously closed at $44.10.
Several other research firms have also recently weighed in on WOLF. TD Cowen lowered their price target on Wolfspeed from $72.00 to $50.00 and set an “outperform” rating on the stock in a report on Thursday. BMO Capital Markets decreased their target price on Wolfspeed from $80.00 to $55.00 in a report on Thursday, April 27th. Morgan Stanley decreased their target price on Wolfspeed from $54.00 to $44.00 and set an “equal weight” rating on the stock in a report on Thursday. Bank of America decreased their target price on Wolfspeed from $56.00 to $49.00 and set an “underperform” rating on the stock in a report on Thursday. Finally, Piper Sandler decreased their target price on Wolfspeed from $100.00 to $75.00 in a report on Thursday, April 27th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $71.00.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in the company. Silverback Asset Management LLC purchased a new position in shares of Wolfspeed during the second quarter valued at about $3,380,000. GTS Securities LLC purchased a new position in shares of Wolfspeed during the second quarter valued at about $1,377,000. Alliancebernstein L.P. grew its position in shares of Wolfspeed by 2.9% during the second quarter. Alliancebernstein L.P. now owns 202,978 shares of the company’s stock valued at $11,284,000 after purchasing an additional 5,738 shares in the last quarter. State of Tennessee Treasury Department grew its position in shares of Wolfspeed by 12.8% during the second quarter. State of Tennessee Treasury Department now owns 65,994 shares of the company’s stock valued at $3,669,000 after purchasing an additional 7,480 shares in the last quarter. Finally, Fairfield Bush & CO. grew its position in shares of Wolfspeed by 111.6% during the second quarter. Fairfield Bush & CO. now owns 18,114 shares of the company’s stock valued at $1,007,000 after purchasing an additional 9,555 shares in the last quarter.
Wolfspeed Trading Down 3.9 %
The company has a market cap of $5.27 billion, a PE ratio of -16.64 and a beta of 1.53. The company has a debt-to-equity ratio of 1.78, a current ratio of 4.69 and a quick ratio of 4.22. The company has a 50-day moving average of $58.51 and a 200 day moving average of $56.55.
Wolfspeed (NYSE:WOLF – Get Free Report) last released its quarterly earnings results on Wednesday, August 16th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.22). The company had revenue of $235.80 million during the quarter, compared to analysts’ expectations of $224.53 million. Wolfspeed had a negative return on equity of 8.88% and a negative net margin of 35.78%. The company’s revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.12) EPS. Analysts predict that Wolfspeed, Inc. will post -1.58 earnings per share for the current year.
Wolfspeed Company Profile
Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies Europe, China, the United States, Japan, South Korea, 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.