Wolfspeed (NYSE:WOLF) Given New $18.00 Price Target at Canaccord Genuity Group

Wolfspeed (NYSE:WOLF) had its price objective trimmed by Canaccord Genuity Group from $25.00 to $18.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts have also issued reports on WOLF. Morgan Stanley raised their target price on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Mizuho cut shares of Wolfspeed from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $17.00 to $8.00 in a report on Thursday, October 3rd. Roth Mkm lowered their price target on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a 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 note on Friday, August 23rd. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Wolfspeed has an average rating of “Hold” and a consensus target price of $17.36.

Wolfspeed Price Performance

Shares of WOLF opened at $10.03 on Thursday. 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. The stock has a market cap of $1.27 billion, a PE ratio of -1.69 and a beta of 1.46. The firm has a fifty day moving average price of $10.92 and a 200 day moving average price of $18.03.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, November 6th. The company reported ($1.11) earnings per share for the quarter, beating the consensus estimate of ($1.20) by $0.09. The business had revenue of $194.70 million during the quarter, compared to the consensus estimate of $200.11 million. Wolfspeed had a negative return on equity of 45.09% and a negative net margin of 93.31%. As a group, sell-side analysts anticipate that Wolfspeed will post -4.07 EPS for the current year.

Institutional Trading of Wolfspeed

A number of institutional investors have recently added to or reduced their stakes in the stock. Mather Group LLC. increased its stake in Wolfspeed by 385.5% in the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after purchasing an additional 933 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in Wolfspeed by 64.8% in the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock valued at $52,000 after purchasing an additional 691 shares during the last quarter. Signaturefd LLC increased its position in shares of Wolfspeed by 284.3% in the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after buying an additional 1,544 shares in the last quarter. Eastern Bank acquired a new position in shares of Wolfspeed during the 3rd quarter worth $27,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Wolfspeed in the 2nd quarter worth about $75,000.

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.