Wolfspeed, Inc. (NYSE:WOLF) Receives $14.86 Consensus Price Target from Brokerages

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) has earned an average rating of "Hold" from the sixteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, ten have assigned a hold recommendation and four have given a buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $14.86.

A number of brokerages have recently commented on WOLF. StockNews.com upgraded shares of Wolfspeed to a "sell" rating in a research note on Monday, January 6th. Piper Sandler decreased their target price on shares of Wolfspeed from $18.00 to $10.00 and set an "overweight" rating for the company in a research note on Thursday, January 30th. Canaccord Genuity Group dropped their price target on Wolfspeed from $18.00 to $10.00 and set a "buy" rating on the stock in a research note on Thursday, January 30th. The Goldman Sachs Group lowered their target price on Wolfspeed from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, January 30th. Finally, Bank of America cut their price target on Wolfspeed from $9.50 to $6.00 and set an "underperform" rating for the company in a research note on Thursday, January 30th.

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Wolfspeed Stock Down 51.6 %

WOLF stock traded down $2.78 during trading on Friday, hitting $2.61. 176,094,594 shares of the stock traded hands, compared to its average volume of 11,751,157. The stock has a market cap of $332.69 million, a price-to-earnings ratio of -0.34 and a beta of 1.50. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. Wolfspeed has a 1 year low of $2.54 and a 1 year high of $30.86. The firm's 50 day moving average is $5.82 and its two-hundred day moving average is $8.12.

Wolfspeed (NYSE:WOLF - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. On average, sell-side analysts anticipate that Wolfspeed will post -4 EPS for the current year.

Institutional Trading of Wolfspeed

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its position in shares of Wolfspeed by 38.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company's stock worth $8,040,000 after buying an additional 335,966 shares in the last quarter. South Dakota Investment Council raised its holdings in shares of Wolfspeed by 26.4% during the 4th quarter. South Dakota Investment Council now owns 717,482 shares of the company's stock worth $4,778,000 after acquiring an additional 149,648 shares in the last quarter. Primecap Management Co. CA boosted its position in shares of Wolfspeed by 2.7% during the 4th quarter. Primecap Management Co. CA now owns 6,519,164 shares of the company's stock valued at $43,418,000 after acquiring an additional 169,984 shares during the last quarter. Public Sector Pension Investment Board bought a new stake in Wolfspeed in the third quarter worth $2,590,000. Finally, Principal Financial Group Inc. increased its position in Wolfspeed by 41.4% in the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company's stock worth $5,748,000 after purchasing an additional 173,409 shares during the last quarter.

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.