Wolfspeed (NYSE:WOLF) Price Target Lowered to $18.00 at Canaccord Genuity Group

Wolfspeed (NYSE:WOLF) had its price target dropped by equities researchers at Canaccord Genuity Group from $25.00 to $18.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 105.25% from the stock’s current price.

WOLF has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Mizuho lowered shares of Wolfspeed from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $17.00 to $8.00 in a research report on Thursday, October 3rd. Piper Sandler reiterated an “overweight” rating and issued a $18.00 target price (down previously from $20.00) on shares of Wolfspeed in a report on Thursday. JPMorgan Chase & Co. reduced their price objective on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, Morgan Stanley raised their price target on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.36.

Wolfspeed Stock Down 36.0 %

NYSE WOLF traded down $4.94 during trading hours on Thursday, hitting $8.77. The company had a trading volume of 28,267,522 shares, compared to its average volume of 6,534,489. The company has a debt-to-equity ratio of 6.99, a current ratio of 4.51 and a quick ratio of 3.85. Wolfspeed has a fifty-two week low of $7.28 and a fifty-two week high of $47.43. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of -1.26 and a beta of 1.46. The firm’s 50 day moving average is $10.96 and its 200 day moving average is $18.23.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.20) by $0.09. Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. The company had revenue of $194.70 million during the quarter, compared to the consensus estimate of $200.11 million. Sell-side analysts anticipate that Wolfspeed will post -4.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wolfspeed

Large investors have recently added to or reduced their stakes in the company. Mather Group LLC. increased its position in shares of 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. Eastern Bank acquired a new position in Wolfspeed in the 3rd quarter valued at $27,000. GAMMA Investing LLC increased its position in Wolfspeed by 416.4% during 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 period. Signaturefd LLC lifted its holdings in shares of Wolfspeed by 284.3% during the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after buying an additional 1,544 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Wolfspeed by 64.8% during the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after buying an additional 691 shares in the last quarter.

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.