Wolfspeed (NYSE:WOLF) Given New $15.00 Price Target at The Goldman Sachs Group

Wolfspeed (NYSE:WOLF) had its price target cut by equities research analysts at The Goldman Sachs Group from $17.00 to $15.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective indicates a potential upside of 155.67% from the company’s previous close.

A number of other equities research analysts have also weighed in on WOLF. JPMorgan Chase & Co. reduced their target price on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Susquehanna dropped their target price on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 22nd. Mizuho dropped their target price 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. Roth Mkm dropped their target price on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Finally, Morgan Stanley boosted their price target 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. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Wolfspeed presently has an average rating of “Hold” and an average target price of $16.07.

Wolfspeed Price Performance

Shares of Wolfspeed stock traded down $0.13 during midday trading on Thursday, hitting $5.87. 10,640,440 shares of the company traded hands, compared to its average volume of 18,349,123. The stock has a market cap of $749.27 million, a price-to-earnings ratio of -0.99 and a beta of 1.43. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. The firm’s fifty day moving average price is $7.50 and its 200-day moving average price is $10.74. Wolfspeed has a 12 month low of $4.66 and a 12 month high of $34.63.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results 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 93.31% and a negative return on equity of 49.86%. As a group, sell-side analysts forecast that Wolfspeed will post -4.2 earnings per share for the current year.

Insider Transactions at Wolfspeed

In other news, Director Glenda Dorchak purchased 3,592 shares of the business’s stock in a transaction on 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 purchase, the director now directly owns 18,688 shares in the company, valued at $155,671.04. This trade represents a 23.79 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Darren R. Jackson purchased 36,975 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were purchased at an average price of $6.76 per share, with a total value of $249,951.00. Following the completion of the purchase, the director now owns 85,996 shares in the company, valued at approximately $581,332.96. This trade represents a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 78,067 shares of company stock valued at $524,747 in the last quarter. 0.84% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Eastern Bank bought a new position in shares of Wolfspeed during the 3rd quarter valued at approximately $27,000. R Squared Ltd purchased a new position in Wolfspeed in the 4th quarter worth approximately $28,000. KBC Group NV lifted its holdings 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 purchasing an additional 2,629 shares in the last quarter. GAMMA Investing LLC lifted its holdings in 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 purchasing an additional 3,664 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new position in Wolfspeed in the 4th quarter worth approximately $52,000.

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.