Wolfspeed (NYSE:WOLF) Receives Buy Rating from Roth Mkm

Wolfspeed (NYSE:WOLF)‘s stock had its “buy” rating restated by investment analysts at Roth Mkm in a report released on Tuesday, Benzinga reports. They currently have a $50.00 price target on the stock. Roth Mkm’s target price suggests a potential upside of 79.47% from the company’s previous close.

A number of other equities research analysts have also weighed in on the stock. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Wolfspeed from $35.00 to $30.00 and set a “hold” rating on the stock in a report on Tuesday, April 23rd. Susquehanna lowered their target price on Wolfspeed from $35.00 to $25.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. JPMorgan Chase & Co. lowered their price objective on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. Piper Sandler dropped their price target on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, February 1st. Finally, Mizuho started coverage on Wolfspeed in a research report on Friday, April 5th. They issued a “neutral” rating and a $30.00 price objective for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Wolfspeed currently has an average rating of “Hold” and a consensus price target of $41.00.

Wolfspeed Stock Performance

NYSE:WOLF opened at $27.86 on Tuesday. The company has a debt-to-equity ratio of 4.50, a quick ratio of 4.58 and a current ratio of 5.13. The company has a market cap of $3.50 billion, a price-to-earnings ratio of -4.58 and a beta of 1.66. The stock has a fifty day moving average price of $26.57 and a 200-day moving average price of $32.26. Wolfspeed has a fifty-two week low of $21.85 and a fifty-two week high of $70.42.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. The company had revenue of $208.40 million for the quarter, compared to the consensus estimate of $205.94 million. As a group, equities analysts anticipate that Wolfspeed will post -3.05 EPS for the current fiscal year.

Insider Buying and Selling

In other Wolfspeed news, Director Darren R. Jackson acquired 10,000 shares of Wolfspeed stock in a transaction that occurred on Friday, February 2nd. The stock was acquired at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the purchase, the director now owns 49,021 shares of the company’s stock, valued at $1,264,741.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently modified their holdings of the company. TFO Wealth Partners LLC boosted its position in Wolfspeed by 57,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after acquiring an additional 574 shares in the last quarter. Independence Bank of Kentucky boosted its position in shares of Wolfspeed by 97.0% during the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after purchasing an additional 350 shares in the last quarter. Fifth Third Bancorp grew its stake in Wolfspeed by 56.9% in the first quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock worth $37,000 after purchasing an additional 452 shares during the period. Rakuten Securities Inc. purchased a new stake in Wolfspeed in the fourth quarter worth $48,000. Finally, GAMMA Investing LLC bought a new position in Wolfspeed in the fourth quarter worth $56,000.

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.