Canaccord Genuity Group Issues Pessimistic Forecast for Wolfspeed (NYSE:WOLF) Stock Price

Wolfspeed (NYSE:WOLF - Get Free Report) had its price target lowered by research analysts at Canaccord Genuity Group from $18.00 to $10.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective would indicate a potential upside of 63.75% from the stock's previous close.

A number of other research analysts also recently commented on the company. The Goldman Sachs Group reduced their price target on Wolfspeed from $17.00 to $15.00 and set a "buy" rating for the company in a report on Thursday. StockNews.com raised shares of Wolfspeed to a "sell" rating in a research report on Monday, January 6th. Susquehanna lowered their price target on Wolfspeed from $11.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, January 22nd. Bank of America decreased their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an "underperform" rating for the company in a report on Thursday. Finally, Roth Mkm dropped their target price on shares of Wolfspeed from $25.00 to $20.00 and set a "buy" rating on the stock in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $14.86.

Wolfspeed Trading Up 0.3 %

Shares of WOLF stock traded up $0.02 during trading hours on Thursday, reaching $6.11. The company had a trading volume of 27,512,456 shares, compared to its average volume of 16,988,954. The stock's fifty day simple moving average is $7.44 and its 200 day simple moving average is $10.48. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. Wolfspeed has a twelve month low of $4.66 and a twelve month high of $34.63.

Wolfspeed (NYSE:WOLF - Get Free Report) last posted its earnings results on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing analysts' consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 60.94% and a negative net margin of 125.96%. Equities analysts forecast that Wolfspeed will post -4.2 EPS for the current year.

Insider Transactions at Wolfspeed

In other news, Director Glenda Dorchak purchased 3,592 shares of the firm's stock in a transaction on Friday, November 22nd. The stock was purchased at an average cost of $8.33 per share, with a total value of $29,921.36. Following the purchase, the director now owns 18,688 shares in the company, valued at $155,671.04. This trade represents a 23.79 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Darren R. Jackson purchased 36,975 shares of the stock in a transaction dated Wednesday, November 20th. The shares were purchased at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the transaction, the director now owns 85,996 shares in the company, valued at $581,332.96. This trade represents a 75.43 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 78,067 shares of company stock valued at $524,747. 0.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Wolfspeed

Several large investors have recently made changes to their positions in the business. Iridian Asset Management LLC CT raised its holdings in shares of Wolfspeed by 319.9% in the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company's stock worth $5,055,000 after purchasing an additional 397,057 shares in the last quarter. Public Sector Pension Investment Board bought a new position in shares of Wolfspeed in the third quarter valued at $2,590,000. Primecap Management Co. CA lifted its position in shares of Wolfspeed by 5.0% during the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company's stock valued at $61,587,000 after acquiring an additional 303,870 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Wolfspeed by 41.4% during the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company's stock worth $5,748,000 after acquiring an additional 173,409 shares in the last quarter. Finally, Rheos Capital Works Inc. raised its position in shares of Wolfspeed by 140.8% during the third quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company's stock worth $4,147,000 after purchasing an additional 250,000 shares during the period.

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.