The Goldman Sachs Group Cuts Wolfspeed (NYSE:WOLF) Price Target to $15.00

Wolfspeed (NYSE:WOLF - Free Report) had its price objective trimmed by The Goldman Sachs Group from $17.00 to $15.00 in a research report report published on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts also recently issued reports on WOLF. Susquehanna decreased their price target on Wolfspeed from $11.00 to $7.00 and set a "neutral" rating for the company in a research note on Wednesday, January 22nd. Mizuho cut their price objective on Wolfspeed from $10.00 to $6.00 and set an "underperform" rating for the company in a research report on Tuesday, November 19th. Morgan Stanley raised their target price on Wolfspeed from $10.00 to $15.00 and gave the company an "equal weight" rating in a report on Wednesday, October 16th. Canaccord Genuity Group reduced their price objective on Wolfspeed from $25.00 to $18.00 and set a "buy" rating for the company in a research report on Thursday, November 7th. Finally, Piper Sandler dropped their target price on shares of Wolfspeed from $18.00 to $10.00 and set an "overweight" rating on the stock in a research report on Thursday. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Wolfspeed has an average rating of "Hold" and a consensus target price of $14.86.

Wolfspeed Trading Down 8.2 %

WOLF stock traded down $0.51 during mid-day trading on Thursday, reaching $5.63. 15,362,259 shares of the stock traded hands, compared to its average volume of 19,478,166. Wolfspeed has a 52-week low of $4.66 and a 52-week high of $30.87. The stock's fifty day moving average is $7.44 and its 200-day moving average is $10.39. The company has a market cap of $718.37 million, a P/E ratio of -0.73 and a beta of 1.43. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26.

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

Insider Buying and Selling at Wolfspeed

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

Institutional Trading of Wolfspeed

Institutional investors and hedge funds have recently modified their holdings of the stock. Eastern Bank bought a new stake in shares of Wolfspeed in the 3rd quarter valued at $27,000. R Squared Ltd bought a new stake in shares of Wolfspeed in the fourth quarter worth about $28,000. GAMMA Investing LLC raised its position in shares of Wolfspeed by 416.4% during the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company's stock worth $44,000 after purchasing an additional 3,664 shares during the period. KBC Group NV lifted its holdings in shares of Wolfspeed by 76.5% during 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. Finally, Allworth Financial LP grew its position in shares of Wolfspeed by 38.1% in the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company's stock valued at $44,000 after purchasing an additional 1,949 shares during the period.

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.