Roth Mkm Has Lowered Expectations for Wolfspeed (NYSE:WOLF) Stock Price

Wolfspeed (NYSE:WOLF) had its target price reduced by analysts at Roth Mkm from $25.00 to $20.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Roth Mkm’s target price suggests a potential upside of 90.66% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Morgan Stanley raised their price objective on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. New Street Research cut Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price objective for the company. in a research note on Wednesday, August 7th. Bank of America reduced their price objective on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research note on Friday, August 23rd. TD Cowen dropped 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. Finally, Susquehanna dropped their target price on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $19.79.

Wolfspeed Trading Down 23.5 %

NYSE WOLF traded down $3.22 during trading hours on Thursday, hitting $10.49. 11,823,485 shares of the company’s stock were exchanged, compared to its average volume of 6,467,600. The stock has a 50-day simple moving average of $10.96 and a 200 day simple moving average of $18.23. Wolfspeed has a 1-year low of $7.28 and a 1-year high of $47.43. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of -1.52 and a beta of 1.46. 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 (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($1.11) EPS for the quarter, beating analysts’ consensus estimates of ($1.20) by $0.09. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. The firm had revenue of $194.70 million during the quarter, compared to analysts’ expectations of $200.11 million. On average, equities analysts forecast that Wolfspeed will post -4.07 EPS for the current fiscal year.

Institutional Trading of Wolfspeed

A number of institutional investors have recently added to or reduced their stakes in WOLF. Primecap Management Co. CA lifted its holdings in Wolfspeed by 15.3% during the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock worth $137,591,000 after purchasing an additional 800,540 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Wolfspeed by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after purchasing an additional 449,732 shares in the last quarter. Iridian Asset Management LLC CT lifted its holdings in Wolfspeed by 319.9% during the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after purchasing an additional 397,057 shares in the last quarter. Samlyn Capital LLC increased its stake in Wolfspeed by 51.6% in the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock worth $22,968,000 after acquiring an additional 343,277 shares during the last quarter. Finally, Yong Rong HK Asset Management Ltd bought a new position in Wolfspeed in the 3rd quarter worth about $2,988,000.

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.