The Goldman Sachs Group Has Lowered Expectations for Wolfspeed (NYSE:WOLF) Stock Price

Wolfspeed (NYSE:WOLF) had its price target dropped by stock analysts at The Goldman Sachs Group from $15.00 to $8.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 179.72% from the company’s previous close.

A number of other research firms have also issued reports on WOLF. Susquehanna reduced their price target on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, January 22nd. Piper Sandler dropped their price target on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, January 30th. Bank of America reduced their price objective on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a research report on Thursday, January 30th. Canaccord Genuity Group dropped their target price on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Finally, StockNews.com upgraded Wolfspeed to a “sell” rating in a report on Monday, January 6th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Wolfspeed presently has an average rating of “Hold” and an average price target of $14.36.

Wolfspeed Trading Up 1.4 %

Shares of WOLF stock traded up $0.04 during trading hours on Wednesday, reaching $2.86. 11,796,347 shares of the stock traded hands, compared to its average volume of 12,054,215. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26. The firm has a market capitalization of $365.26 million, a PE ratio of -0.37 and a beta of 1.50. Wolfspeed has a 1-year low of $2.41 and a 1-year high of $30.86. The business has a fifty day moving average price of $5.69 and a 200 day moving average price of $8.05.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. On average, equities research analysts forecast that Wolfspeed will post -4 EPS for the current year.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently made changes to their positions in WOLF. Charles Schwab Investment Management Inc. lifted its position in shares of Wolfspeed by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock worth $8,451,000 after purchasing an additional 21,143 shares during the last quarter. Quantbot Technologies LP lifted its holdings in shares of Wolfspeed by 982.9% during the third quarter. Quantbot Technologies LP now owns 26,359 shares of the company’s stock worth $256,000 after buying an additional 23,925 shares during the last quarter. Public Sector Pension Investment Board bought a new stake in shares of Wolfspeed in the third quarter valued at approximately $2,590,000. Cinctive Capital Management LP acquired a new stake in shares of Wolfspeed in the third quarter worth $367,000. Finally, Redwood Investment Management LLC increased its position in Wolfspeed by 102.5% during the third quarter. Redwood Investment Management LLC now owns 46,955 shares of the company’s stock worth $478,000 after acquiring an additional 23,768 shares during the period.

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.