Brokerages Set Wolfspeed, Inc. (NYSE:WOLF) Price Target at $17.36

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) has been assigned an average rating of "Hold" from the sixteen analysts that are currently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $17.36.

Several equities analysts have commented on WOLF shares. New Street Research downgraded shares of Wolfspeed from a "buy" rating to a "neutral" rating and set a $18.00 price objective on the stock. in a report on Wednesday, August 7th. Susquehanna decreased their price target on shares of Wolfspeed from $16.00 to $11.00 and set a "neutral" rating on the stock in a research note on Thursday, November 7th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a "hold" rating for the company in a research report on Thursday, August 22nd. TD Cowen lowered their target price on Wolfspeed from $25.00 to $15.00 and set a "hold" rating on the stock in a research note on Thursday, August 22nd. Finally, Bank of America reduced their price target on Wolfspeed from $25.00 to $15.00 and set an "underperform" rating for the company in a research note on Friday, August 23rd.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently made changes to their positions in WOLF. Advisors Asset Management Inc. raised its position in Wolfspeed by 64.8% during the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company's stock valued at $52,000 after purchasing an additional 691 shares in the last quarter. Arizona State Retirement System boosted its stake in Wolfspeed by 2.3% in the second quarter. Arizona State Retirement System now owns 35,217 shares of the company's stock valued at $802,000 after buying an additional 775 shares in the last quarter. Mather Group LLC. grew its position in Wolfspeed by 385.5% in the second quarter. Mather Group LLC. now owns 1,175 shares of the company's stock valued at $27,000 after acquiring an additional 933 shares during the last quarter. Signaturefd LLC raised its stake in Wolfspeed by 284.3% during the second 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, SG Americas Securities LLC raised its stake in Wolfspeed by 15.9% during the first quarter. SG Americas Securities LLC now owns 12,555 shares of the company's stock worth $370,000 after acquiring an additional 1,721 shares in the last quarter.

Wolfspeed Stock Performance

Shares of Wolfspeed stock traded up $0.31 during trading on Monday, hitting $7.02. 13,817,352 shares of the stock were exchanged, compared to its average volume of 6,873,354. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. The company has a fifty day moving average price of $10.80 and a 200-day moving average price of $17.22. The stock has a market capitalization of $895.89 million, a price-to-earnings ratio of -1.18 and a beta of 1.46. Wolfspeed has a 1-year low of $6.66 and a 1-year high of $47.43.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative net margin of 93.31% and a negative return on equity of 49.86%. The business had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.11 million. As a group, equities analysts predict that Wolfspeed will post -4.13 EPS for the current fiscal year.

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.