Wolfspeed (NYSE:WOLF) Given New $19.00 Price Target at The Goldman Sachs Group

Wolfspeed (NYSE:WOLF) had its price target decreased by equities research analysts at The Goldman Sachs Group from $22.00 to $19.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target would suggest a potential upside of 93.88% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Morgan Stanley lifted their price objective on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Mizuho downgraded Wolfspeed from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $17.00 to $8.00 in a report on Thursday, October 3rd. Piper Sandler reiterated an “overweight” rating and issued a $18.00 price target (down previously from $20.00) on shares of Wolfspeed in a research note on Thursday. Canaccord Genuity Group reduced their price objective on shares of Wolfspeed from $45.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Finally, Roth Mkm decreased their target price on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Wolfspeed has an average rating of “Hold” and an average target price of $19.14.

Wolfspeed Stock Down 28.5 %

Shares of NYSE:WOLF traded down $3.91 during midday trading on Thursday, reaching $9.80. The company’s stock had a trading volume of 16,610,125 shares, compared to its average volume of 6,489,760. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99. The firm has a 50 day moving average of $10.96 and a 200-day moving average of $18.23. The firm has a market capitalization of $1.24 billion, a P/E ratio of -1.38 and a beta of 1.46. Wolfspeed has a 12-month low of $7.28 and a 12-month high of $47.43.

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

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently modified their holdings of the company. Thrivent Financial for Lutherans boosted its stake in shares of Wolfspeed by 225.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock worth $959,000 after acquiring an additional 68,423 shares during the last quarter. Sugar Maple Asset Management LLC purchased a new position in Wolfspeed during the third quarter valued at $211,000. GSA Capital Partners LLP grew its holdings in Wolfspeed by 230.0% during the third quarter. GSA Capital Partners LLP now owns 58,986 shares of the company’s stock valued at $572,000 after purchasing an additional 41,114 shares during the period. Principal Financial Group Inc. increased its position in Wolfspeed by 41.4% in the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock worth $5,748,000 after buying an additional 173,409 shares in the last quarter. Finally, Bridgewater Advisors Inc. bought a new position in shares of Wolfspeed in the third quarter worth about $233,000.

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.