Wolfspeed, Inc. (NYSE:WOLF – Get Free Report) shares gapped down before the market opened on Tuesday after Canaccord Genuity Group lowered their price target on the stock from $47.00 to $45.00. The stock had previously closed at $22.95, but opened at $22.42. Canaccord Genuity Group currently has a buy rating on the stock. Wolfspeed shares last traded at $21.75, with a volume of 358,954 shares changing hands.
Several other research firms have also recently weighed in on WOLF. TD Cowen cut Wolfspeed from a “buy” rating to a “hold” rating and cut their price target for the company from $40.00 to $25.00 in a report on Thursday, May 2nd. Mizuho boosted their price target on shares of Wolfspeed from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 18th. Citigroup dropped their price objective on shares of Wolfspeed from $29.00 to $25.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Wolfspeed from $30.00 to $25.00 and set a “hold” rating on the stock in a research report on Tuesday, May 7th. Finally, JPMorgan Chase & Co. dropped their price target on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Wolfspeed currently has an average rating of “Hold” and a consensus price target of $35.43.
Insider Activity at Wolfspeed
In related news, Director Marvin Riley purchased 1,866 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were acquired at an average cost of $27.05 per share, for a total transaction of $50,475.30. Following the acquisition, the director now owns 13,297 shares of the company’s stock, valued at approximately $359,683.85. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.85% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Wolfspeed
Institutional investors and hedge funds have recently bought and sold shares of the company. TFO Wealth Partners LLC grew its stake in shares of Wolfspeed by 57,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after acquiring an additional 574 shares during the last quarter. Independence Bank of Kentucky grew its position in Wolfspeed by 97.0% during the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after purchasing an additional 350 shares during the last quarter. Rakuten Securities Inc. purchased a new stake in Wolfspeed during the 4th quarter worth approximately $48,000. Fifth Third Bancorp increased its stake in Wolfspeed by 56.9% during the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock valued at $37,000 after purchasing an additional 452 shares in the last quarter. Finally, GAMMA Investing LLC purchased a new position in shares of Wolfspeed in the fourth quarter worth $56,000.
Wolfspeed Stock Down 3.8 %
The company has a quick ratio of 4.00, a current ratio of 4.58 and a debt-to-equity ratio of 5.55. The company’s 50 day moving average price is $25.80 and its 200 day moving average price is $29.96. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of -3.50 and a beta of 1.60.
Wolfspeed (NYSE:WOLF – Get Free Report) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.79) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.82) by $0.03. The business had revenue of $200.70 million during the quarter, compared to analysts’ expectations of $201.49 million. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. As a group, research analysts forecast that Wolfspeed, Inc. will post -3.13 earnings per share for the current fiscal year.
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.