Brokerages Set Wolfspeed, Inc. (NYSE:WOLF) Price Target at $22.43

Shares of Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) have received an average rating of "Hold" from the sixteen analysts that are presently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $22.43.

A number of equities analysts recently commented on the company. Mizuho downgraded Wolfspeed from a "neutral" rating to an "underperform" rating and dropped their price objective for the stock from $17.00 to $8.00 in a report on Thursday, October 3rd. Oppenheimer reiterated a "market perform" rating on shares of Wolfspeed in a report on Tuesday, July 9th. Canaccord Genuity Group decreased their price target on Wolfspeed from $45.00 to $25.00 and set a "buy" rating for the company in a research note on Thursday, August 29th. Morgan Stanley raised their price objective on Wolfspeed from $10.00 to $15.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 16th. Finally, Bank of America decreased their target price on Wolfspeed from $25.00 to $15.00 and set an "underperform" rating for the company in a research report on Friday, August 23rd.

Wolfspeed Price Performance

Shares of NYSE:WOLF traded up $0.17 on Thursday, reaching $14.99. 7,518,626 shares of the company traded hands, compared to its average volume of 6,388,284. Wolfspeed has a fifty-two week low of $7.28 and a fifty-two week high of $47.43. The stock has a market capitalization of $1.89 billion, a PE ratio of -2.29 and a beta of 1.52. The company has a debt-to-equity ratio of 6.99, a current ratio of 4.51 and a quick ratio of 3.85. The company's 50 day moving average is $10.67 and its 200-day moving average is $19.05.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.03). The business had revenue of $200.70 million during the quarter, compared to analysts' expectations of $201.11 million. Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. As a group, analysts anticipate that Wolfspeed will post -3.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently made changes to their positions in WOLF. Seven Eight Capital LP raised its position in shares of Wolfspeed by 0.5% during the first quarter. Seven Eight Capital LP now owns 125,954 shares of the company's stock worth $3,716,000 after purchasing an additional 675 shares during the period. Advisors Asset Management Inc. raised its position in shares of Wolfspeed by 64.8% in the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company's stock valued at $52,000 after buying an additional 691 shares in the last quarter. Sunbelt Securities Inc. grew its stake in Wolfspeed by 34.7% during the first quarter. Sunbelt Securities Inc. now owns 2,724 shares of the company's stock worth $80,000 after buying an additional 702 shares in the last quarter. Arizona State Retirement System increased its stake in shares of Wolfspeed by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 35,217 shares of the company's stock valued at $802,000 after purchasing an additional 775 shares during the last quarter. Finally, State of Michigan Retirement System increased its position in Wolfspeed by 3.0% during the 1st quarter. State of Michigan Retirement System now owns 30,922 shares of the company's stock worth $912,000 after purchasing an additional 900 shares in 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.