Wolfspeed (NYSE:WOLF) Price Target Lowered to $11.00 at Susquehanna

Wolfspeed (NYSE:WOLF) had its price target cut by equities researchers at Susquehanna from $16.00 to $11.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Susquehanna’s price target suggests a potential upside of 4.86% from the stock’s current price.

Several other research firms have also recently commented on WOLF. Roth Mkm lowered their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday. Deutsche Bank Aktiengesellschaft decreased their price target on Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 price target (down from $20.00) on shares of Wolfspeed in a research note on Thursday. 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. Finally, Mizuho lowered Wolfspeed from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $17.00 to $8.00 in a research note on Thursday, October 3rd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Wolfspeed currently has an average rating of “Hold” and a consensus target price of $19.79.

Wolfspeed Stock Performance

NYSE:WOLF traded down $3.22 during trading hours on Thursday, reaching $10.49. 11,823,485 shares of the stock were exchanged, compared to its average volume of 6,467,600. 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 firm has a 50 day simple moving average of $10.96 and a 200-day simple moving average of $18.23. Wolfspeed has a 52 week low of $7.28 and a 52 week high of $47.43. The stock has a market capitalization of $1.33 billion, a P/E ratio of -1.52 and a beta of 1.46.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, November 6th. The company reported ($1.11) EPS for the quarter, topping 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 company had revenue of $194.70 million for the quarter, compared to the consensus estimate of $200.11 million. As a group, sell-side analysts forecast that Wolfspeed will post -4.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

Hedge funds have recently bought and sold shares of the stock. Primecap Management Co. CA raised its position in shares of Wolfspeed by 15.3% in the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after buying an additional 800,540 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Wolfspeed by 3.6% in the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after buying an additional 449,732 shares in the last quarter. Iridian Asset Management LLC CT raised its position in shares of Wolfspeed by 319.9% in the third quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after buying an additional 397,057 shares in the last quarter. Samlyn Capital LLC raised its position in shares of Wolfspeed by 51.6% in the second quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after buying an additional 343,277 shares in the last quarter. Finally, Yong Rong HK Asset Management Ltd acquired a new stake in shares of Wolfspeed in the third quarter valued at approximately $2,988,000.

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.