Wolfspeed, Inc. (NYSE:WOLF – Get Rating)’s share price gapped down before the market opened on Wednesday after Evercore ISI lowered their price target on the stock to $115.00. The stock had previously closed at $93.81, but opened at $89.30. Wolfspeed shares last traded at $90.57, with a volume of 29,876 shares.
A number of other research firms have also weighed in on WOLF. Morgan Stanley reduced their price objective on Wolfspeed from $106.00 to $88.00 and set an “equal weight” rating for the company in a research note on Thursday, October 27th. Canaccord Genuity Group cut their price objective on shares of Wolfspeed from $114.00 to $111.00 and set a “buy” rating for the company in a report on Tuesday, November 1st. TheStreet raised shares of Wolfspeed from a “d” rating to a “c-” rating in a report on Wednesday, August 17th. Piper Sandler dropped their target price on shares of Wolfspeed from $130.00 to $100.00 in a research report on Thursday, October 27th. Finally, JPMorgan Chase & Co. reduced their target price on Wolfspeed from $150.00 to $125.00 and set an “overweight” rating for the company in a report on Tuesday, November 1st. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Wolfspeed currently has an average rating of “Moderate Buy” and a consensus target price of $108.94.
Insider Activity
In other news, Director Duy Loan T. Le bought 2,000 shares of Wolfspeed stock in a transaction dated Thursday, August 25th. The stock was bought at an average price of $120.34 per share, for a total transaction of $240,680.00. Following the purchase, the director now owns 2,000 shares of the company’s stock, valued at $240,680. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Duy Loan T. Le bought 2,000 shares of the stock in a transaction on Thursday, August 25th. The shares were bought at an average cost of $120.34 per share, for a total transaction of $240,680.00. Following the completion of the transaction, the director now owns 2,000 shares of the company’s stock, valued at approximately $240,680. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Duy Loan T. Le purchased 1,000 shares of the business’s stock in a transaction dated Tuesday, November 1st. The shares were purchased at an average cost of $77.26 per share, with a total value of $77,260.00. Following the purchase, the director now directly owns 25,662 shares in the company, valued at $1,982,646.12. The disclosure for this purchase can be found here. Corporate insiders own 0.62% of the company’s stock.
Institutional Trading of Wolfspeed
Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Wolfspeed by 0.6% during the third quarter. Vanguard Group Inc. now owns 11,614,011 shares of the company’s stock valued at $1,200,425,000 after buying an additional 74,727 shares in the last quarter. Frontier Capital Management Co. LLC boosted its holdings in Wolfspeed by 2.5% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 1,174,390 shares of the company’s stock worth $121,385,000 after acquiring an additional 28,400 shares during the period. Thrivent Financial for Lutherans grew its position in Wolfspeed by 381.0% in the third quarter. Thrivent Financial for Lutherans now owns 1,122,397 shares of the company’s stock valued at $116,011,000 after acquiring an additional 889,032 shares in the last quarter. Eagle Asset Management Inc. raised its stake in shares of Wolfspeed by 1.6% during the third quarter. Eagle Asset Management Inc. now owns 848,442 shares of the company’s stock valued at $87,694,000 after purchasing an additional 13,022 shares during the period. Finally, Handelsbanken Fonder AB boosted its stake in shares of Wolfspeed by 104.6% in the third quarter. Handelsbanken Fonder AB now owns 646,554 shares of the company’s stock valued at $66,828,000 after purchasing an additional 330,582 shares during the period.
Wolfspeed Price Performance
The company has a current ratio of 4.61, a quick ratio of 3.97 and a debt-to-equity ratio of 0.62. The stock has a market cap of $11.45 billion, a PE ratio of -71.61 and a beta of 1.36. The company’s 50 day moving average is $99.69 and its 200-day moving average is $91.12.
Wolfspeed (NYSE:WOLF – Get Rating) last released its quarterly earnings results on Wednesday, August 17th. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.12. Wolfspeed had a negative net margin of 18.90% and a negative return on equity of 4.40%. The business had revenue of $228.50 million during the quarter, compared to the consensus estimate of $207.58 million. During the same quarter last year, the company earned ($0.34) earnings per share. The business’s quarterly revenue was up 56.7% compared to the same quarter last year. As a group, sell-side analysts predict that Wolfspeed, Inc. will post -0.99 earnings per share for the current year.
About Wolfspeed
Wolfspeed, Inc is an innovator of Wolfspeed power and radio frequency (RF) semiconductors. Its Wolfspeed product families include silicon carbide materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging inverters, power supplies, telecom and military and aerospace.