Wolfspeed (NYSE:WOLF) Given New $15.00 Price Target at Morgan Stanley

Wolfspeed (NYSE:WOLF) had its price objective lifted by Morgan Stanley from $10.00 to $15.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have an equal weight rating on the stock.

Several other equities research analysts have also commented on WOLF. Piper Sandler reduced their price target on shares of Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, August 22nd. Oppenheimer reiterated a “market perform” rating on shares of Wolfspeed in a research note on Tuesday, July 9th. Canaccord Genuity Group cut their price objective on Wolfspeed from $45.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. The Goldman Sachs Group cut their price objective on Wolfspeed from $48.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Finally, New Street Research downgraded 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. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $22.43.

Wolfspeed Price Performance

NYSE WOLF opened at $15.88 on Wednesday. Wolfspeed has a 52 week low of $7.28 and a 52 week high of $47.43. The firm has a market capitalization of $2.00 billion, a P/E ratio of -2.46 and a beta of 1.52. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99. The company has a 50-day moving average price of $10.37 and a 200-day moving average price of $19.47.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. The business had revenue of $200.70 million for the quarter, compared to analysts’ expectations of $201.11 million. Equities research analysts anticipate that Wolfspeed will post -3.84 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WOLF. Mather Group LLC. boosted its stake in Wolfspeed by 385.5% in the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after purchasing an additional 933 shares during the period. GAMMA Investing LLC boosted its position in shares of Wolfspeed by 416.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after acquiring an additional 3,664 shares during the last quarter. Signaturefd LLC boosted its position in shares of Wolfspeed by 284.3% during 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. Advisors Asset Management Inc. boosted its position in shares of 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 last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Wolfspeed during the 2nd quarter valued at approximately $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.