Susquehanna Lowers Wolfspeed (NYSE:WOLF) Price Target to $7.00

Wolfspeed (NYSE:WOLF) had its target price cut by Susquehanna from $11.00 to $7.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages also recently weighed in on WOLF. The Goldman Sachs Group cut their price target on shares of Wolfspeed from $19.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Roth Mkm decreased their price target 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. JPMorgan Chase & Co. lowered their price target on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Finally, Canaccord Genuity Group reduced their price objective on Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $16.79.

Wolfspeed Stock Performance

Shares of Wolfspeed stock opened at $6.19 on Wednesday. The business’s fifty day simple moving average is $7.56 and its 200 day simple moving average is $11.38. 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 has a 12 month low of $4.66 and a 12 month high of $37.29. The firm has a market capitalization of $789.90 million, a P/E ratio of -1.04 and a beta of 1.43.

Insider Activity

In other news, Director Glenda Dorchak purchased 3,592 shares of Wolfspeed stock in a transaction dated Friday, November 22nd. The stock was purchased at an average cost of $8.33 per share, for a total transaction of $29,921.36. Following the transaction, the director now directly owns 18,688 shares of the company’s stock, valued at approximately $155,671.04. This trade represents a 23.79 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Darren R. Jackson acquired 36,975 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the transaction, the director now directly owns 85,996 shares of the company’s stock, valued at $581,332.96. This represents a 75.43 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 78,067 shares of company stock worth $524,747 over the last ninety days. Company insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors have recently added to or reduced their stakes in WOLF. Iridian Asset Management LLC CT grew its holdings in shares of Wolfspeed by 319.9% during the third 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. Public Sector Pension Investment Board purchased a new position in Wolfspeed in the 3rd quarter worth approximately $2,590,000. Primecap Management Co. CA increased its holdings in shares of Wolfspeed by 5.0% in the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after buying an additional 303,870 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Wolfspeed by 41.4% during the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after buying an additional 173,409 shares in the last quarter. Finally, Rheos Capital Works Inc. lifted its holdings in shares of Wolfspeed by 140.8% during the 3rd quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock worth $4,147,000 after acquiring an additional 250,000 shares during 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.