Bank of America Issues Pessimistic Forecast for Wolfspeed (NYSE:WOLF) Stock Price

Wolfspeed (NYSE:WOLF - Free Report) had its target price decreased by Bank of America from $9.50 to $6.00 in a research report released on Thursday morning,Benzinga reports. Bank of America currently has an underperform rating on the stock.

A number of other research analysts have also recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 16th. Piper Sandler reduced their target price on Wolfspeed from $18.00 to $10.00 and set an "overweight" rating on the stock in a report on Thursday. StockNews.com raised Wolfspeed to a "sell" rating in a report on Monday, January 6th. Susquehanna reduced their price objective on Wolfspeed from $11.00 to $7.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 22nd. Finally, The Goldman Sachs Group lowered their target price on Wolfspeed from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Thursday. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $14.86.

Wolfspeed Price Performance

Shares of NYSE:WOLF traded up $0.02 during trading on Thursday, reaching $6.11. 27,512,456 shares of the company traded hands, compared to its average volume of 16,988,954. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. Wolfspeed has a 52 week low of $4.66 and a 52 week high of $34.63. The firm has a market capitalization of $779.92 million, a PE ratio of -0.80 and a beta of 1.43. The company's 50 day moving average is $7.44 and its two-hundred day moving average is $10.39.

Wolfspeed (NYSE:WOLF - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 60.94% and a negative net margin of 125.96%. As a group, sell-side analysts predict that Wolfspeed will post -4.2 earnings per share for the current year.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, Chairman Thomas H. Werner acquired 37,500 shares of Wolfspeed stock in a transaction that occurred on Wednesday, November 20th. The shares were bought at an average price of $6.53 per share, with a total value of $244,875.00. Following the completion of the purchase, the chairman now directly owns 108,549 shares in the company, valued at $708,824.97. This trade represents a 52.78 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Darren R. Jackson acquired 36,975 shares of the firm's stock in a transaction that occurred on Wednesday, November 20th. The stock was bought at an average price of $6.76 per share, with a total value of $249,951.00. Following the completion of the acquisition, the director now directly owns 85,996 shares of the company's stock, valued at $581,332.96. This trade represents a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 78,067 shares of company stock worth $524,747. 0.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently made changes to their positions in WOLF. Primecap Management Co. CA raised its position in shares of Wolfspeed by 5.0% in the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company's stock worth $61,587,000 after acquiring an additional 303,870 shares in the last quarter. Two Sigma Advisers LP grew its stake in Wolfspeed by 813.6% during the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company's stock worth $23,848,000 after purchasing an additional 2,189,500 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Wolfspeed by 2.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company's stock worth $8,451,000 after purchasing an additional 21,143 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Wolfspeed by 1,158.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company's stock valued at $8,082,000 after buying an additional 766,971 shares during the period. Finally, Iridian Asset Management LLC CT boosted its holdings in shares of Wolfspeed by 56.6% during the 4th quarter. Iridian Asset Management LLC CT now owns 816,183 shares of the company's stock worth $5,436,000 after buying an additional 295,025 shares in the last quarter.

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.