Mizuho Cuts Wolfspeed (NYSE:WOLF) Price Target to $6.00

Wolfspeed (NYSE:WOLF - Get Free Report) had its price target reduced by research analysts at Mizuho from $10.00 to $6.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an "underperform" rating on the stock. Mizuho's price objective would indicate a potential downside of 6.90% from the stock's previous close.

A number of other brokerages also recently commented on WOLF. Canaccord Genuity Group reduced their target price on shares of Wolfspeed from $25.00 to $18.00 and set a "buy" rating on the stock in a research note on Thursday, November 7th. TD Cowen reduced their price target on shares of Wolfspeed from $25.00 to $15.00 and set a "hold" rating on the stock in a research note on Thursday, August 22nd. New Street Research downgraded shares of Wolfspeed from a "buy" rating to a "neutral" rating and set a $18.00 price target on the stock. in a research note on Wednesday, August 7th. Bank of America reduced their price target on shares of Wolfspeed from $25.00 to $15.00 and set an "underperform" rating on the stock in a research note on Friday, August 23rd. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of Wolfspeed from $17.00 to $14.00 and set a "hold" rating on the stock in a research note on Thursday, August 22nd. Two 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. According to MarketBeat.com, Wolfspeed presently has an average rating of "Hold" and a consensus target price of $17.21.

Wolfspeed Price Performance

WOLF traded down $0.57 on Tuesday, reaching $6.45. 14,913,944 shares of the company's stock were exchanged, compared to its average volume of 6,909,330. The stock has a market cap of $823.11 million, a PE ratio of -1.08 and a beta of 1.46. Wolfspeed has a twelve month low of $6.34 and a twelve month high of $47.43. The stock's fifty day moving average price is $10.80 and its 200-day moving average price is $17.22. 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 (NYSE:WOLF - Get Free Report) last issued its earnings results on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.03). Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. The firm had revenue of $200.70 million for the quarter, compared to analysts' expectations of $201.11 million. Sell-side analysts expect that Wolfspeed will post -4.13 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Advisors Asset Management Inc. grew its holdings in Wolfspeed by 64.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company's stock worth $52,000 after acquiring an additional 691 shares in the last quarter. Arizona State Retirement System grew its holdings in Wolfspeed by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 35,217 shares of the company's stock worth $802,000 after acquiring an additional 775 shares in the last quarter. Mather Group LLC. grew its holdings in Wolfspeed by 385.5% during the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company's stock worth $27,000 after acquiring an additional 933 shares in the last quarter. Signaturefd LLC grew its holdings in Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company's stock worth $48,000 after acquiring an additional 1,544 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in Wolfspeed by 6.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 29,470 shares of the company's stock worth $671,000 after acquiring an additional 1,722 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.