Susquehanna Lowers Wolfspeed (NYSE:WOLF) Price Target to $7.00

Wolfspeed (NYSE:WOLF) had its price target cut by analysts at Susquehanna from $11.00 to $7.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Susquehanna’s price objective would suggest a potential upside of 11.95% from the stock’s current price.

WOLF has been the subject of several other research reports. Canaccord Genuity Group reduced their target price on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Piper Sandler reiterated an “overweight” rating and set a $18.00 target price (down previously from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. JPMorgan Chase & Co. reduced their price target on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Finally, The Goldman Sachs Group dropped their price objective on Wolfspeed from $19.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Wolfspeed presently has an average rating of “Hold” and a consensus target price of $16.79.

Wolfspeed Stock Performance

Shares of NYSE:WOLF traded down $0.03 during trading on Wednesday, reaching $6.25. The company had a trading volume of 6,632,070 shares, compared to its average volume of 20,354,387. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. The stock’s fifty day moving average price is $7.60 and its 200 day moving average price is $11.41. Wolfspeed has a fifty-two week low of $4.66 and a fifty-two week high of $37.29. The firm has a market capitalization of $798.57 million, a price-to-earnings ratio of -1.05 and a beta of 1.43.

Insider Activity at Wolfspeed

In other news, Chairman Thomas H. Werner acquired 37,500 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was acquired at an average price of $6.53 per share, with a total value of $244,875.00. Following the completion of the transaction, the chairman now directly owns 108,549 shares in the company, valued at approximately $708,824.97. This represents a 52.78 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Glenda Dorchak bought 3,592 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were purchased 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 $155,671.04. The trade was a 23.79 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 78,067 shares of company stock valued at $524,747. 0.84% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Wolfspeed

Hedge funds have recently made changes to their positions in the business. Two Sigma Advisers LP grew its stake in shares of Wolfspeed by 813.6% during the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after buying an additional 2,189,500 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in Wolfspeed by 1,158.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock worth $8,082,000 after acquiring an additional 766,971 shares during the last quarter. Erste Asset Management GmbH purchased a new position in shares of Wolfspeed in the 3rd quarter worth about $4,542,000. Iridian Asset Management LLC CT lifted its stake in shares of Wolfspeed by 319.9% in the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after purchasing an additional 397,057 shares in the last quarter. Finally, Yong Rong HK Asset Management Ltd purchased a new stake in shares of Wolfspeed during the 3rd quarter worth about $2,988,000.

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.