Piper Sandler Cuts Wolfspeed (NYSE:WOLF) Price Target to $10.00

Wolfspeed (NYSE:WOLF) had its target price trimmed by Piper Sandler from $18.00 to $10.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities research analysts also recently issued research reports about the stock. 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 research note on Thursday, November 7th. Morgan Stanley increased their price objective on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. StockNews.com raised Wolfspeed to a “sell” rating in a report on Monday, January 6th. Susquehanna decreased their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, January 22nd. Finally, Canaccord Genuity Group lowered their price objective on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $14.86.

Wolfspeed Price Performance

Shares of NYSE WOLF opened at $6.10 on Thursday. The stock has a market cap of $778.39 million, a P/E ratio of -1.02 and a beta of 1.43. Wolfspeed has a twelve month low of $4.66 and a twelve month high of $34.63. The stock has a 50 day moving average of $7.49 and a two-hundred day moving average of $10.71. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate 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, research analysts forecast that Wolfspeed will post -4.2 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Darren R. Jackson purchased 36,975 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was bought at an average price of $6.76 per share, with a total value of $249,951.00. Following the completion of the transaction, the director now owns 85,996 shares of the company’s stock, valued at approximately $581,332.96. This represents a 75.43 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Thomas H. Werner acquired 37,500 shares of Wolfspeed stock in a transaction dated Wednesday, November 20th. The stock was bought at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the transaction, the chairman now directly owns 108,549 shares of the company’s stock, valued at approximately $708,824.97. This represents a 52.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 78,067 shares of company stock worth $524,747 in the last quarter. Company insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Eastern Bank purchased a new position in shares of Wolfspeed during the 3rd quarter worth $27,000. R Squared Ltd acquired a new position in Wolfspeed in the fourth quarter valued at $28,000. KBC Group NV lifted its position in Wolfspeed by 76.5% during the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after buying an additional 2,629 shares during the period. GAMMA Investing LLC boosted its stake in Wolfspeed by 416.4% in the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock worth $44,000 after buying an additional 3,664 shares during the last quarter. Finally, Allworth Financial LP grew its holdings in Wolfspeed by 38.1% in the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock valued at $44,000 after buying an additional 1,949 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.