Wolfspeed, Inc. (NYSE:WOLF – Get Free Report)’s stock price reached a new 52-week low during mid-day trading on Thursday after Susquehanna lowered their price target on the stock from $25.00 to $23.00. Susquehanna currently has a neutral rating on the stock. Wolfspeed traded as low as $21.62 and last traded at $22.03, with a volume of 2661934 shares trading hands. The stock had previously closed at $26.11.
WOLF has been the topic of a number of other reports. William Blair lowered Wolfspeed from an “outperform” rating to a “market perform” rating in a research note on Thursday. Mizuho cut their target price on Wolfspeed from $30.00 to $27.00 and set a “neutral” rating on the stock in a research note on Thursday. JPMorgan Chase & Co. dropped their price target on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a research note on Thursday, April 11th. Piper Sandler dropped their price target on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, February 1st. Finally, TD Cowen downgraded Wolfspeed from a “buy” rating to a “hold” rating and dropped their price target for the stock from $40.00 to $25.00 in a research note on Thursday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $39.00.
Insider Buying and Selling at Wolfspeed
In related news, Director Darren R. Jackson purchased 10,000 shares of Wolfspeed stock in a transaction dated Friday, February 2nd. The stock was purchased at an average cost of $25.80 per share, with a total value of $258,000.00. Following the transaction, the director now owns 49,021 shares in the company, valued at approximately $1,264,741.80. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 0.62% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Wolfspeed
A number of hedge funds have recently bought and sold shares of WOLF. Commonwealth Equity Services LLC increased its holdings in shares of Wolfspeed by 27.0% in the third quarter. Commonwealth Equity Services LLC now owns 39,392 shares of the company’s stock valued at $1,501,000 after purchasing an additional 8,374 shares during the last quarter. Raymond James & Associates grew its position in Wolfspeed by 1.6% in the third quarter. Raymond James & Associates now owns 181,867 shares of the company’s stock worth $6,929,000 after acquiring an additional 2,943 shares during the period. Migdal Insurance & Financial Holdings Ltd. grew its position in Wolfspeed by 26.9% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,205 shares of the company’s stock worth $83,000 after acquiring an additional 468 shares during the period. Zenyatta Capital Management LP purchased a new position in Wolfspeed in the third quarter worth approximately $3,429,000. Finally, Perigon Wealth Management LLC grew its position in Wolfspeed by 34.2% in the third quarter. Perigon Wealth Management LLC now owns 6,194 shares of the company’s stock worth $236,000 after acquiring an additional 1,579 shares during the period.
Wolfspeed Stock Down 9.0 %
The company has a market capitalization of $2.99 billion, a PE ratio of -3.76 and a beta of 1.64. The company has a quick ratio of 4.58, a current ratio of 5.13 and a debt-to-equity ratio of 4.50. The firm has a 50-day moving average of $26.62 and a two-hundred day moving average of $32.17.
Wolfspeed (NYSE:WOLF – Get Free Report) last issued its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.10. The company had revenue of $208.40 million during the quarter, compared to analyst estimates of $205.94 million. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. Equities research analysts predict that Wolfspeed, Inc. will post -3.05 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.