Wolfspeed (NYSE:WOLF) Price Target Lowered to $19.00 at The Goldman Sachs Group

Wolfspeed (NYSE:WOLF) had its target price lowered by The Goldman Sachs Group from $22.00 to $19.00 in a research report report published on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages also recently issued reports on WOLF. Susquehanna reduced their price objective on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday. Bank of America reduced their price objective on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research report on Friday, August 23rd. Morgan Stanley boosted their price objective on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Mizuho downgraded Wolfspeed from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $17.00 to $8.00 in a research report on Thursday, October 3rd. Finally, New Street Research downgraded Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price objective for the company. in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $17.36.

Wolfspeed Price Performance

NYSE:WOLF traded up $1.74 during trading hours on Thursday, reaching $10.07. 19,678,717 shares of the company traded hands, compared to its average volume of 6,686,677. The firm’s 50-day moving average is $10.92 and its 200-day moving average is $18.16. The stock has a market cap of $1.28 billion, a P/E ratio of -1.46 and a beta of 1.46. The company has a debt-to-equity ratio of 6.99, a current ratio of 4.51 and a quick ratio of 3.85. Wolfspeed has a 1-year low of $7.28 and a 1-year high of $47.43.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, November 6th. The company reported ($1.11) earnings per share for the quarter, topping the consensus estimate of ($1.20) by $0.09. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. The business had revenue of $194.70 million for the quarter, compared to analyst estimates of $200.11 million. Equities research analysts expect that Wolfspeed will post -4.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wolfspeed

Institutional investors and hedge funds have recently modified their holdings of the stock. Iridian Asset Management LLC CT boosted its holdings in Wolfspeed by 319.9% in the third quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after purchasing an additional 397,057 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in Wolfspeed by 292,375.0% in the first quarter. Lazard Asset Management LLC now owns 70,194 shares of the company’s stock worth $2,070,000 after purchasing an additional 70,170 shares in the last quarter. Rheos Capital Works Inc. boosted its holdings in Wolfspeed by 140.8% in the third quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock worth $4,147,000 after purchasing an additional 250,000 shares in the last quarter. Vanguard Group Inc. grew its stake in Wolfspeed by 3.6% during the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after buying an additional 449,732 shares during the last quarter. Finally, Boston Partners bought a new stake in Wolfspeed during the first quarter worth about $1,621,000.

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.