Wolfspeed (NYSE:WOLF) Price Target Lowered to $27.00 at Mizuho

Wolfspeed (NYSE:WOLF) had its price objective reduced by equities researchers at Mizuho from $30.00 to $27.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Mizuho’s price objective suggests a potential upside of 3.45% from the stock’s current price.

Several other equities analysts have also recently issued reports on the stock. Wells Fargo & Company restated an “equal weight” rating and set a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a research note on Wednesday, April 3rd. JPMorgan Chase & Co. cut their price objective on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. Piper Sandler lowered their target price on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, February 1st. Roth Mkm reissued a “buy” rating and issued a $50.00 target price on shares of Wolfspeed in a research report on Tuesday. Finally, Susquehanna cut their price target on Wolfspeed from $35.00 to $25.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and an average target price of $39.13.

Wolfspeed Price Performance

Shares of NYSE:WOLF opened at $26.10 on Thursday. The company has a market capitalization of $3.28 billion, a PE ratio of -4.29 and a beta of 1.64. The business has a fifty day moving average price of $26.60 and a 200-day moving average price of $32.22. Wolfspeed has a 1-year low of $21.85 and a 1-year high of $70.42. The company has a debt-to-equity ratio of 4.50, a current ratio of 5.13 and a quick ratio of 4.58.

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

Insider Buying and Selling

In other news, Director Darren R. Jackson bought 10,000 shares of the stock in a transaction dated Friday, February 2nd. The stock was purchased at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the transaction, the director now owns 49,021 shares of the company’s stock, valued at $1,264,741.80. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 0.62% of the stock is owned by company insiders.

Institutional Trading of Wolfspeed

Hedge funds and other institutional investors have recently bought and sold shares of the stock. TFO Wealth Partners LLC raised its position in Wolfspeed by 57,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after purchasing an additional 574 shares during the period. 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 buying an additional 350 shares during the period. Fifth Third Bancorp grew its stake in shares of Wolfspeed by 56.9% during the first quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock valued at $37,000 after buying an additional 452 shares during the last quarter. Rakuten Securities Inc. purchased a new stake in shares of Wolfspeed in the fourth quarter worth approximately $48,000. Finally, GAMMA Investing LLC bought a new stake in shares of Wolfspeed during the 4th quarter worth approximately $56,000.

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.