Oppenheimer Reaffirms Market Perform Rating for Wolfspeed (NYSE:WOLF)

Oppenheimer reaffirmed their market perform rating on shares of Wolfspeed (NYSE:WOLF) in a report released on Tuesday morning, Benzinga reports.

Several other analysts have also recently commented on WOLF. JPMorgan Chase & Co. dropped their target price on shares of Wolfspeed from $43.00 to $35.00 and set a neutral rating for the company in a research report on Thursday, April 11th. Wells Fargo & Company reiterated an equal weight rating and set a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. Canaccord Genuity Group dropped their target price on shares of Wolfspeed from $47.00 to $45.00 and set a buy rating for the company in a research report on Tuesday, June 25th. Susquehanna dropped their target price on shares of Wolfspeed from $25.00 to $23.00 and set a neutral rating for the company in a research report on Thursday, May 2nd. Finally, TD Cowen cut shares of Wolfspeed from a buy rating to a hold rating and dropped their target price for the company from $40.00 to $25.00 in a research report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and an average target price of $35.43.

Wolfspeed Price Performance

NYSE:WOLF opened at $24.78 on Tuesday. The stock’s fifty day moving average price is $25.42 and its two-hundred day moving average price is $28.31. Wolfspeed has a 52-week low of $20.63 and a 52-week high of $70.42. The company has a debt-to-equity ratio of 5.55, a quick ratio of 4.00 and a current ratio of 4.58. The company has a market cap of $3.12 billion, a price-to-earnings ratio of -3.84 and a beta of 1.60.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.79) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.82) by $0.03. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. The firm had revenue of $200.70 million for the quarter, compared to the consensus estimate of $201.49 million. On average, analysts anticipate that Wolfspeed will post -3.21 EPS for the current year.

Insider Activity at Wolfspeed

In other news, Director Marvin Riley bought 1,866 shares of the stock in a transaction on Tuesday, May 28th. The stock was purchased at an average price of $27.05 per share, for a total transaction of $50,475.30. Following the acquisition, the director now owns 13,297 shares in the company, valued at $359,683.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.85% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Wolfspeed

Large investors have recently added to or reduced their stakes in the company. TFO Wealth Partners LLC increased its holdings in Wolfspeed by 57,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after purchasing an additional 574 shares in the last quarter. Independence Bank of Kentucky boosted its stake in shares of Wolfspeed by 97.0% during the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after buying an additional 350 shares during the last quarter. Rakuten Securities Inc. acquired a new position in shares of Wolfspeed during the 4th quarter worth about $48,000. Mather Group LLC. boosted its stake in shares of Wolfspeed by 385.5% during the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after buying an additional 933 shares during the last quarter. Finally, Fifth Third Bancorp boosted its stake in shares of Wolfspeed by 56.9% during the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock worth $37,000 after buying an additional 452 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.