Mizuho Cuts Wolfspeed (NYSE:WOLF) Price Target to $6.00

Wolfspeed (NYSE:WOLF) had its price target cut by Mizuho from $10.00 to $6.00 in a research report released on Tuesday,Benzinga reports. They currently have an underperform rating on the stock.

A number of other equities analysts also recently commented on WOLF. Morgan Stanley boosted their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Susquehanna cut their price target on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Roth Mkm cut their price target on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $18.00 price target (down from $20.00) on shares of Wolfspeed in a report on Thursday, November 7th. Finally, The Goldman Sachs Group cut their price target on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Wolfspeed presently has an average rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Stock Performance

Shares of NYSE:WOLF opened at $6.47 on Tuesday. The company has a market capitalization of $826.23 million, a price-to-earnings ratio of -1.09 and a beta of 1.46. Wolfspeed has a 52 week low of $6.10 and a 52 week high of $47.43. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. The firm has a 50 day moving average of $10.71 and a 200 day moving average of $16.94.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). The business had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.11 million. Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. On average, sell-side analysts predict that Wolfspeed will post -4.13 earnings per share for the current fiscal year.

Insider Activity

In other Wolfspeed news, Chairman Thomas H. Werner purchased 37,500 shares of the stock in a transaction on Wednesday, November 20th. The shares were bought at an average cost of $6.53 per share, with a total value of $244,875.00. Following the completion of the acquisition, the chairman now owns 108,549 shares in the company, valued at $708,824.97. This trade represents a 52.78 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Darren R. Jackson purchased 36,975 shares of the stock in a transaction on Wednesday, November 20th. The stock was acquired at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the acquisition, the director now owns 85,996 shares of the company’s stock, valued at $581,332.96. The trade was a 75.43 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

Hedge funds have recently added to or reduced their stakes in the business. Mather Group LLC. boosted its holdings in Wolfspeed by 385.5% in the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after purchasing an additional 933 shares during the last quarter. Eastern Bank acquired a new position in shares of Wolfspeed in the third quarter worth about $27,000. GAMMA Investing LLC raised its position in shares of Wolfspeed by 416.4% in the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock worth $44,000 after acquiring an additional 3,664 shares during the period. Signaturefd LLC raised 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 worth $48,000 after acquiring an additional 1,544 shares during the period. Finally, Advisors Asset Management Inc. raised its position in shares of Wolfspeed by 64.8% in the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after acquiring an additional 691 shares during the period.

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.