Wolfspeed (NYSE:WOLF) Price Target Cut to $10.00 by Analysts at Piper Sandler

Wolfspeed (NYSE:WOLF - Get Free Report) had its price target cut by stock analysts at Piper Sandler from $18.00 to $10.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's target price would indicate a potential upside of 70.79% from the stock's current price.

A number of other equities analysts also recently weighed in on the company. Canaccord Genuity Group reduced their price target on Wolfspeed from $25.00 to $18.00 and set a "buy" rating for the company in a research report on Thursday, November 7th. StockNews.com raised shares of Wolfspeed to a "sell" rating in a research report on Monday, January 6th. JPMorgan Chase & Co. cut their price target on shares of Wolfspeed from $20.00 to $17.00 and set a "neutral" rating on the stock in a research report on Thursday, November 7th. Morgan Stanley increased their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 16th. Finally, Roth Mkm lowered their target price on Wolfspeed from $25.00 to $20.00 and set a "buy" rating on the stock in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Wolfspeed presently has an average rating of "Hold" and an average price target of $14.86.

Wolfspeed Trading Down 4.5 %

NYSE:WOLF traded down $0.28 on Thursday, reaching $5.86. The company's stock had a trading volume of 11,592,699 shares, compared to its average volume of 19,433,145. Wolfspeed has a 1-year low of $4.66 and a 1-year high of $30.87. The business's 50-day moving average price is $7.44 and its two-hundred day moving average price is $10.39. The firm has a market cap of $747.74 million, a PE ratio of -0.77 and a beta of 1.43. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. Equities research analysts anticipate that Wolfspeed will post -4.2 earnings per share for the current fiscal year.

Insider Transactions at Wolfspeed

In other Wolfspeed news, Chairman Thomas H. Werner bought 37,500 shares of the firm's stock in a transaction on Wednesday, November 20th. The shares were purchased at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the transaction, the chairman now directly owns 108,549 shares in the company, valued at approximately $708,824.97. This trade represents a 52.78 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Glenda Dorchak purchased 3,592 shares of the company's stock in a transaction dated Friday, November 22nd. The stock was acquired at an average price of $8.33 per share, with a total value of $29,921.36. Following the completion of the transaction, the director now owns 18,688 shares of the company's stock, valued at $155,671.04. This represents a 23.79 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 78,067 shares of company stock worth $524,747. 0.84% of the stock is owned by insiders.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds have recently added to or reduced their stakes in the stock. Eastern Bank acquired a new stake in shares of Wolfspeed during the 3rd quarter worth approximately $27,000. R Squared Ltd bought a new stake in Wolfspeed during the fourth quarter worth $28,000. KBC Group NV boosted its holdings in shares of Wolfspeed by 76.5% in the 4th quarter. KBC Group NV now owns 6,064 shares of the company's stock valued at $40,000 after purchasing an additional 2,629 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Wolfspeed by 416.4% in the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company's stock valued at $44,000 after purchasing an additional 3,664 shares during the last quarter. Finally, Allworth Financial LP raised its holdings in shares of Wolfspeed by 38.1% during the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company's stock worth $44,000 after buying an additional 1,949 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.