Wolfspeed, Inc. (NYSE:WOLF – Get Free Report)’s stock price gapped down before the market opened on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $44.00 to $43.00. The stock had previously closed at $32.55, but opened at $30.41. JPMorgan Chase & Co. currently has a neutral rating on the stock. Wolfspeed shares last traded at $31.30, with a volume of 3,377,643 shares changing hands.
A number of other research analysts also recently issued reports on the company. Bank of America reduced their price target on Wolfspeed from $49.00 to $40.00 and set an “underperform” rating on the stock in a report on Tuesday, October 10th. Wells Fargo & Company dropped their price target on Wolfspeed from $60.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, October 20th. Morgan Stanley reduced their price objective on shares of Wolfspeed from $42.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 31st. Evercore ISI dropped their target price on shares of Wolfspeed from $80.00 to $45.00 in a research report on Thursday, October 5th. Finally, Piper Sandler reduced their price target on shares of Wolfspeed from $75.00 to $55.00 and set an “overweight” rating on the stock in a research report on Thursday, October 12th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $47.07.
Insiders Place Their Bets
In other news, CFO Neill Reynolds sold 3,000 shares of the firm’s stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $44.94, for a total transaction of $134,820.00. Following the completion of the transaction, the chief financial officer now directly owns 161,866 shares in the company, valued at $7,274,258.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.62% of the company’s stock.
Institutional Trading of Wolfspeed
Several institutional investors have recently added to or reduced their stakes in WOLF. Forum Financial Management LP purchased a new stake in shares of Wolfspeed during the first quarter valued at $200,000. Cubist Systematic Strategies LLC grew its stake in shares of Wolfspeed by 536.7% in the second quarter. Cubist Systematic Strategies LLC now owns 31,066 shares of the company’s stock worth $1,971,000 after acquiring an additional 26,187 shares during the period. Macquarie Group Ltd. raised its holdings in shares of Wolfspeed by 12.5% during the second quarter. Macquarie Group Ltd. now owns 55,966 shares of the company’s stock valued at $3,551,000 after purchasing an additional 6,201 shares during the last quarter. Centiva Capital LP bought a new position in Wolfspeed during the second quarter valued at approximately $304,000. Finally, Captrust Financial Advisors boosted its holdings in Wolfspeed by 20.2% in the second quarter. Captrust Financial Advisors now owns 7,011 shares of the company’s stock worth $445,000 after purchasing an additional 1,180 shares during the last quarter.
Wolfspeed Stock Performance
The firm has a market cap of $3.74 billion, a P/E ratio of -5.27 and a beta of 1.75. The company has a debt-to-equity ratio of 4.15, a quick ratio of 4.99 and a current ratio of 5.44. The business’s 50-day simple moving average is $38.62 and its 200 day simple moving average is $41.76.
Wolfspeed (NYSE:WOLF – Get Free Report) last issued its quarterly earnings data on Monday, October 30th. The company reported ($0.69) EPS for the quarter, topping the consensus estimate of ($0.87) by $0.18. The company had revenue of $197.40 million during the quarter, compared to analyst estimates of $202.20 million. Wolfspeed had a negative return on equity of 14.17% and a negative net margin of 80.46%. As a group, equities analysts predict that Wolfspeed, Inc. will post -3.03 earnings per share for the current 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.