Bank of America Has Lowered Expectations for Wolfspeed (NYSE:WOLF) Stock Price

Wolfspeed (NYSE:WOLF) had its price objective decreased by Bank of America from $9.50 to $6.00 in a research report sent to investors on Thursday morning,Benzinga reports. Bank of America currently has an underperform rating on the stock.

Other analysts have also recently issued research reports about the stock. The Goldman Sachs Group reduced their price target on shares of Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday. Susquehanna cut their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 22nd. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Piper Sandler cut 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. Finally, Roth Mkm reduced their price target on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $14.86.

Wolfspeed Stock Up 1.6 %

WOLF stock opened at $6.10 on Thursday. The firm’s 50 day moving average price is $7.49 and its 200-day moving average price is $10.71. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. The firm has a market cap of $778.39 million, a PE ratio of -1.02 and a beta of 1.43. Wolfspeed has a one year low of $4.66 and a one year high of $34.63.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 93.31% and a negative return on equity of 49.86%. On average, equities research analysts anticipate that Wolfspeed will post -4.2 EPS for the current year.

Insider Transactions at Wolfspeed

In other news, Chairman Thomas H. Werner purchased 37,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased 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 directly owns 108,549 shares of the company’s stock, valued at approximately $708,824.97. This trade represents a 52.78 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Darren R. Jackson acquired 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 acquisition, the director now directly owns 85,996 shares in the company, valued at $581,332.96. This represents a 75.43 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 78,067 shares of company stock worth $524,747 over the last 90 days. 0.84% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Vontobel Holding Ltd. grew its stake in shares of Wolfspeed by 5.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company’s stock worth $364,000 after purchasing an additional 1,835 shares during the period. New York State Teachers Retirement System grew its position in Wolfspeed by 1.3% during the third quarter. New York State Teachers Retirement System now owns 145,284 shares of the company’s stock worth $1,409,000 after buying an additional 1,885 shares during the period. Allworth Financial LP grew its position in Wolfspeed by 38.1% during the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock worth $44,000 after buying an additional 1,949 shares during the period. KBC Group NV increased its holdings in Wolfspeed by 76.5% in the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock valued at $40,000 after buying an additional 2,629 shares in the last quarter. Finally, Eastern Bank acquired a new stake in shares of Wolfspeed during the 3rd quarter valued at approximately $27,000.

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.