Canaccord Genuity Group Lowers Wolfspeed (NYSE:WOLF) Price Target to $10.00

Wolfspeed (NYSE:WOLF) had its price target lowered by equities researchers at Canaccord Genuity Group from $18.00 to $10.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 64.07% from the company’s current price.

Several other equities analysts have also recently weighed in on WOLF. Bank of America cut their price objective on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a report on Thursday. JPMorgan Chase & Co. dropped their price objective 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 reduced their target price on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research note on Wednesday, January 22nd. Roth Mkm lowered their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Finally, Piper Sandler cut their price target on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Wolfspeed currently has an average rating of “Hold” and a consensus price target of $14.86.

Wolfspeed Trading Up 1.6 %

Shares of NYSE:WOLF traded up $0.10 during mid-day trading on Thursday, reaching $6.10. The stock had a trading volume of 29,455,750 shares, compared to its average volume of 19,281,092. The firm has a 50 day simple moving average of $7.50 and a two-hundred day simple moving average of $10.74. Wolfspeed has a twelve month low of $4.66 and a twelve month high of $34.63. The firm has a market cap of $778.39 million, a PE ratio of -1.02 and a beta of 1.43. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. On average, research analysts predict that Wolfspeed will post -4.2 EPS for the current fiscal year.

Insider Buying and Selling at Wolfspeed

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

Institutional Trading of Wolfspeed

Several large investors have recently modified their holdings of the stock. Eastern Bank bought a new position in Wolfspeed in the third quarter valued at approximately $27,000. R Squared Ltd acquired a new position in shares of Wolfspeed in the fourth quarter valued at approximately $28,000. GAMMA Investing LLC raised its stake in shares of Wolfspeed by 416.4% during the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after acquiring an additional 3,664 shares during the last quarter. KBC Group NV lifted its holdings in Wolfspeed by 76.5% during 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 during the period. Finally, Asset Management One Co. Ltd. lifted its stake in shares of Wolfspeed by 69.0% in the third quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock worth $69,000 after acquiring an additional 2,885 shares during the period.

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.