Wolfspeed’s (WOLF) Overweight Rating Reaffirmed at Piper Sandler

Wolfspeed (NYSE:WOLF)‘s stock had its “overweight” rating reiterated by stock analysts at Piper Sandler in a report released on Thursday, Benzinga reports. They presently have a $18.00 price target on the stock, down from their prior price target of $20.00. Piper Sandler’s price objective indicates a potential upside of 68.54% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the company. Deutsche Bank Aktiengesellschaft reduced their price objective on Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. New Street Research lowered shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target for the company. in a report on Wednesday, August 7th. Susquehanna lowered their price objective on shares of Wolfspeed from $23.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, August 22nd. Canaccord Genuity Group cut their target price on shares of Wolfspeed from $45.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Finally, Bank of America lowered their target price on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a report on Friday, August 23rd. Two 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. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $22.29.

Wolfspeed Stock Down 22.1 %

NYSE WOLF traded down $3.03 during mid-day trading on Thursday, reaching $10.68. 11,111,261 shares of the company’s stock traded hands, compared to its average volume of 6,455,463. The company has a current ratio of 4.51, a quick ratio of 3.85 and a debt-to-equity ratio of 6.99. Wolfspeed has a 1-year low of $7.28 and a 1-year high of $47.43. The company has a fifty day simple moving average of $10.96 and a 200-day simple moving average of $18.23. The company has a market cap of $1.36 billion, a price-to-earnings ratio of -1.50 and a beta of 1.46.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.20) by $0.09. Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. The business had revenue of $194.70 million during the quarter, compared to analyst estimates of $200.11 million. As a group, equities research analysts expect that Wolfspeed will post -4.07 EPS for the current year.

Hedge Funds Weigh In On Wolfspeed

Several large investors have recently bought and sold shares of the stock. Mather Group LLC. raised its position in Wolfspeed by 385.5% in the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after acquiring an additional 933 shares in the last quarter. Eastern Bank acquired a new stake in shares of Wolfspeed during the third quarter worth $27,000. GAMMA Investing LLC lifted its holdings in shares of Wolfspeed by 416.4% during the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after purchasing an additional 3,664 shares during the last quarter. Signaturefd LLC boosted its position in shares of Wolfspeed by 284.3% in the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after purchasing an additional 1,544 shares during the period. Finally, Advisors Asset Management Inc. increased its stake in Wolfspeed by 64.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after purchasing an additional 691 shares in the last quarter.

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.