The Goldman Sachs Group Has Lowered Expectations for Wolfspeed (NYSE:WOLF) Stock Price

Wolfspeed (NYSE:WOLF - Get Free Report) had its price objective lowered by The Goldman Sachs Group from $15.00 to $8.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. The Goldman Sachs Group's price target suggests a potential upside of 210.68% from the company's current price.

Several other analysts have also recently issued reports on WOLF. StockNews.com raised shares of Wolfspeed to a "sell" rating in a research note on Monday, January 6th. Canaccord Genuity Group lowered their target price on shares of Wolfspeed from $18.00 to $10.00 and set a "buy" rating for the company in a research note on Thursday, January 30th. Bank of America decreased their price target on shares of Wolfspeed from $9.50 to $6.00 and set an "underperform" rating for the company in a research report on Thursday, January 30th. Susquehanna dropped their price objective on shares of Wolfspeed from $11.00 to $7.00 and set a "neutral" rating on the stock in a research report on Wednesday, January 22nd. Finally, Piper Sandler cut their target price on Wolfspeed from $18.00 to $10.00 and set an "overweight" rating on the stock in a research report on Thursday, January 30th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, Wolfspeed presently has an average rating of "Hold" and a consensus price target of $13.15.

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Wolfspeed Stock Performance

NYSE:WOLF traded down $0.07 during trading hours on Wednesday, hitting $2.58. 17,772,129 shares of the company were exchanged, compared to its average volume of 12,304,634. Wolfspeed has a 52-week low of $2.36 and a 52-week high of $30.86. The stock has a market capitalization of $328.86 million, a price-to-earnings ratio of -0.34 and a beta of 1.69. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. The company's 50 day moving average price is $5.47 and its 200-day moving average price is $7.92.

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

Institutional Investors Weigh In On Wolfspeed

A number of large investors have recently added to or reduced their stakes in WOLF. Two Sigma Advisers LP boosted its holdings in shares of Wolfspeed by 813.6% during the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company's stock valued at $23,848,000 after acquiring an additional 2,189,500 shares in the last quarter. Frontier Capital Management Co. LLC increased its holdings in Wolfspeed by 94.2% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company's stock worth $13,658,000 after purchasing an additional 995,020 shares in the last quarter. Erste Asset Management GmbH lifted its position in shares of Wolfspeed by 77.4% during the 4th quarter. Erste Asset Management GmbH now owns 793,518 shares of the company's stock valued at $5,773,000 after acquiring an additional 346,319 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Wolfspeed by 38.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company's stock valued at $8,040,000 after buying an additional 335,966 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Wolfspeed by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company's stock valued at $106,056,000 after acquiring an additional 299,304 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.