Wolfspeed (NYSE:WOLF) Price Target Lowered to $17.00 at The Goldman Sachs Group

Wolfspeed (NYSE:WOLF) had its price target dropped by equities researchers at The Goldman Sachs Group from $19.00 to $17.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price suggests a potential upside of 141.82% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on WOLF. Piper Sandler reiterated an “overweight” rating and issued a $18.00 price target (down from $20.00) on shares of Wolfspeed in a report on Thursday, November 7th. Susquehanna decreased their price objective on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. StockNews.com raised shares of Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Mizuho decreased their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday, November 19th. Finally, Morgan Stanley upped their target price on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $17.07.

Wolfspeed Stock Up 5.2 %

Shares of Wolfspeed stock traded up $0.35 during trading on Thursday, reaching $7.03. The company had a trading volume of 16,582,297 shares, compared to its average volume of 20,644,381. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. Wolfspeed has a fifty-two week low of $4.66 and a fifty-two week high of $37.29. The firm’s fifty day moving average is $7.80 and its 200-day moving average is $11.98. The company has a market cap of $897.80 million, a price-to-earnings ratio of -1.18 and a beta of 1.43.

Insiders Place Their Bets

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

Institutional Trading of Wolfspeed

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Iridian Asset Management LLC CT increased 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 worth $5,055,000 after acquiring an additional 397,057 shares in the last quarter. Public Sector Pension Investment Board acquired a new position in Wolfspeed in the 3rd quarter worth approximately $2,590,000. Primecap Management Co. CA grew its position in Wolfspeed by 5.0% during the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after purchasing an additional 303,870 shares in the last quarter. Principal Financial Group Inc. raised its stake in 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 purchasing an additional 173,409 shares during the period. Finally, Rheos Capital Works Inc. lifted its holdings in shares of Wolfspeed by 140.8% in the third quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock valued at $4,147,000 after purchasing an additional 250,000 shares in the last quarter.

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.