Wolfspeed (NYSE:WOLF) Given New $7.00 Price Target at Susquehanna

Wolfspeed (NYSE:WOLF - Free Report) had its price target cut by Susquehanna from $11.00 to $7.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other equities research analysts also recently weighed in on WOLF. The Goldman Sachs Group cut their price objective on Wolfspeed from $19.00 to $17.00 and set a "buy" rating on the stock in a report on Thursday, January 16th. JPMorgan Chase & Co. reduced their target price on Wolfspeed from $20.00 to $17.00 and set a "neutral" rating on the stock in a report on Thursday, November 7th. Roth Mkm lowered their price target on shares of Wolfspeed from $25.00 to $20.00 and set a "buy" rating for the company in a report on Thursday, November 7th. Morgan Stanley upped their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 16th. Finally, Mizuho cut their price target on shares of Wolfspeed from $10.00 to $6.00 and set an "underperform" rating on the stock in a research report on Tuesday, November 19th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Wolfspeed has a consensus rating of "Hold" and a consensus target price of $16.79.

Wolfspeed Price Performance

Shares of WOLF traded down $0.06 during midday trading on Wednesday, hitting $6.13. The company's stock had a trading volume of 12,488,119 shares, compared to its average volume of 20,063,760. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. Wolfspeed has a one year low of $4.66 and a one year high of $37.24. The stock has a market capitalization of $782.22 million, a price-to-earnings ratio of -1.03 and a beta of 1.43. The company's fifty day simple moving average is $7.56 and its two-hundred day simple moving average is $11.38.

Insider Buying and Selling

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

Hedge Funds Weigh In On Wolfspeed

A number of large investors have recently modified their holdings of WOLF. Eastern Bank bought a new stake in shares of Wolfspeed during the 3rd quarter valued at about $27,000. R Squared Ltd bought a new stake in Wolfspeed during the fourth quarter valued at approximately $28,000. KBC Group NV grew its stake in Wolfspeed by 76.5% in the 4th quarter. KBC Group NV now owns 6,064 shares of the company's stock worth $40,000 after buying an additional 2,629 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Wolfspeed by 416.4% in the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company's stock worth $44,000 after buying an additional 3,664 shares during the last quarter. Finally, Arkadios Wealth Advisors purchased a new stake in shares of Wolfspeed during the 4th quarter valued at $67,000.

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.