Wolfspeed (NYSE:WOLF) Price Target Lowered to $17.00 at The Goldman Sachs Group

Wolfspeed (NYSE:WOLF) had its price target cut by The Goldman Sachs Group from $19.00 to $17.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also issued research reports about the company. JPMorgan Chase & Co. decreased their price target on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Morgan Stanley lifted their target price on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. StockNews.com raised Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Piper Sandler restated an “overweight” rating and issued a $18.00 price target (down from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. Finally, Susquehanna lowered their price objective on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $17.07.

Wolfspeed Stock Performance

Shares of NYSE:WOLF opened at $6.80 on Thursday. Wolfspeed has a 1 year low of $4.66 and a 1 year high of $37.29. The stock has a market capitalization of $867.79 million, a price-to-earnings ratio of -1.14 and a beta of 1.43. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. The company’s 50 day simple moving average is $7.77 and its 200 day simple moving average is $11.94.

Insider Transactions at Wolfspeed

In other news, Chairman Thomas H. Werner bought 37,500 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average price of $6.53 per share, with a total value of $244,875.00. Following the completion of the purchase, the chairman now directly owns 108,549 shares of the company’s stock, valued at approximately $708,824.97. This represents a 52.78 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Glenda Dorchak bought 3,592 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was purchased at an average price of $8.33 per share, for a total transaction of $29,921.36. Following the acquisition, the director now owns 18,688 shares of the company’s stock, valued at $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. Insiders purchased 78,067 shares of company stock worth $524,747 over the last ninety days. 0.84% of the stock is owned by insiders.

Institutional Investors Weigh In On Wolfspeed

Several institutional investors and hedge funds have recently made changes to their positions in the business. Eastern Bank bought a new stake in Wolfspeed in the third quarter worth approximately $27,000. GAMMA Investing LLC grew its position in shares of 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. Asset Management One Co. Ltd. increased its stake in shares of Wolfspeed by 69.0% in the 3rd quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock valued at $69,000 after acquiring an additional 2,885 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Wolfspeed during the 2nd quarter valued at $220,000. Finally, Arkadios Wealth Advisors bought a new position in Wolfspeed during the fourth quarter worth $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.