Wolfspeed (NYSE:WOLF) Price Target Cut to $19.00 by Analysts at The Goldman Sachs Group

Wolfspeed (NYSE:WOLF) had its price objective lowered by The Goldman Sachs Group from $22.00 to $19.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

WOLF has been the topic of several other reports. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a report 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 objective on the stock. in a report on Wednesday, August 7th. Morgan Stanley increased their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Canaccord Genuity Group cut their price objective 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, TD Cowen cut their price objective on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.36.

Wolfspeed Price Performance

Shares of WOLF traded up $1.74 during mid-day trading on Thursday, hitting $10.07. 19,678,717 shares of the company traded hands, compared to its average volume of 6,686,677. Wolfspeed has a one year low of $7.28 and a one year high of $47.43. The company has a current ratio of 4.51, a quick ratio of 3.85 and a debt-to-equity ratio of 6.99. The business has a 50-day moving average of $10.92 and a 200 day moving average of $18.16. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of -1.46 and a beta of 1.46.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($1.11) EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $200.11 million. As a group, equities analysts expect that Wolfspeed will post -4.07 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Quest Partners LLC grew its position in Wolfspeed by 315.2% in the third quarter. Quest Partners LLC now owns 37,899 shares of the company’s stock valued at $368,000 after purchasing an additional 28,772 shares in the last quarter. Thrivent Financial for Lutherans grew its position in shares of Wolfspeed by 225.0% in the 3rd quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock valued at $959,000 after acquiring an additional 68,423 shares during the period. Sugar Maple Asset Management LLC bought a new position in shares of Wolfspeed in the 3rd quarter valued at about $211,000. GSA Capital Partners LLP grew its position in shares of Wolfspeed by 230.0% in the 3rd quarter. GSA Capital Partners LLP now owns 58,986 shares of the company’s stock valued at $572,000 after acquiring an additional 41,114 shares during the period. Finally, Principal Financial Group Inc. grew its position in shares of Wolfspeed by 41.4% in the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after acquiring an additional 173,409 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.