Brokerages Set Wolfspeed, Inc. (NYSE:WOLF) Target Price at $24.53

Shares of Wolfspeed, Inc. (NYSE:WOLF) have earned an average recommendation of “Hold” from the sixteen analysts that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $24.53.

Several research analysts recently issued reports on the company. Canaccord Genuity Group dropped their price objective on Wolfspeed from $45.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. The Goldman Sachs Group dropped their price target on Wolfspeed from $48.00 to $28.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. 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 report on Wednesday, August 7th. Bank of America dropped their target price on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a report on Friday, August 23rd. Finally, TD Cowen reduced their price target on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, August 22nd.

Wolfspeed Price Performance

Wolfspeed stock opened at $7.62 on Wednesday. The company has a debt-to-equity ratio of 6.99, a current ratio of 4.51 and a quick ratio of 3.85. The stock has a market cap of $959.02 million, a price-to-earnings ratio of -1.18 and a beta of 1.53. The firm has a 50-day moving average of $16.18 and a two-hundred day moving average of $22.66. Wolfspeed has a 1 year low of $7.28 and a 1 year high of $47.43.

Institutional Trading of Wolfspeed

Institutional investors have recently made changes to their positions in the business. Sanctuary Advisors LLC purchased a new stake in Wolfspeed in the second quarter valued at about $220,000. Teachers Retirement System of The State of Kentucky raised its position in shares of Wolfspeed by 34.9% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 369,402 shares of the company’s stock valued at $8,408,000 after purchasing an additional 95,600 shares during the last quarter. Ecofi Investissements SA acquired a new stake in Wolfspeed in the 2nd quarter worth approximately $1,251,000. Algert Global LLC grew its position in Wolfspeed by 31.4% during the 2nd quarter. Algert Global LLC now owns 53,076 shares of the company’s stock worth $1,208,000 after purchasing an additional 12,676 shares during the last quarter. Finally, Dark Forest Capital Management LP acquired a new position in Wolfspeed during the 2nd quarter valued at approximately $681,000.

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.