JPMorgan Chase & Co. Cuts Wolfspeed (NYSE:WOLF) Price Target to $17.00

Wolfspeed (NYSE:WOLF) had its target price lowered by JPMorgan Chase & Co. from $20.00 to $17.00 in a research report released on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

WOLF has been the topic of several other research reports. The Goldman Sachs Group lowered their target price on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday. 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. TD Cowen reduced their target price on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, August 22nd. Piper Sandler reiterated an “overweight” rating and issued a $18.00 target price (down from $20.00) on shares of Wolfspeed in a research report on Thursday. Finally, Roth Mkm reduced their price objective on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday. Two 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $17.36.

Wolfspeed Trading Up 20.4 %

Shares of Wolfspeed stock opened at $10.03 on Thursday. Wolfspeed has a fifty-two week low of $7.28 and a fifty-two week high of $47.43. The company has a debt-to-equity ratio of 6.99, a quick ratio of 3.85 and a current ratio of 4.51. The company has a market capitalization of $1.27 billion, a P/E ratio of -1.69 and a beta of 1.46. The company has a fifty day moving average of $10.92 and a 200 day moving average of $18.03.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($1.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.20) by $0.09. The firm had revenue of $194.70 million during the quarter, compared to analyst estimates of $200.11 million. Wolfspeed had a negative return on equity of 45.09% and a negative net margin of 93.31%. On average, sell-side analysts anticipate that Wolfspeed will post -4.07 earnings per share for the current fiscal year.

Institutional Trading of Wolfspeed

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mather Group LLC. grew its stake in shares of Wolfspeed by 385.5% during the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after buying an additional 933 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in Wolfspeed by 64.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock valued at $52,000 after acquiring an additional 691 shares during the period. Signaturefd LLC grew its position in 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 acquiring an additional 1,544 shares during the last quarter. Eastern Bank purchased a new stake in Wolfspeed in the third quarter worth $27,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Wolfspeed during the second quarter worth $75,000.

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.