Piper Sandler Has Lowered Expectations for Wolfspeed (NYSE:WOLF) Stock Price

Wolfspeed (NYSE:WOLF) had its target price cut by Piper Sandler from $18.00 to $10.00 in a report issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price objective would indicate a potential upside of 66.53% from the stock’s current price.

A number of other equities analysts have also commented on the company. StockNews.com raised Wolfspeed to a “sell” rating in a research note on Monday, January 6th. The Goldman Sachs Group lowered their target price on Wolfspeed from $19.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. Mizuho decreased their price target on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 19th. JPMorgan Chase & Co. dropped their price objective on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Finally, Roth Mkm decreased their price target on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $16.21.

Wolfspeed Trading Up 0.1 %

Wolfspeed stock opened at $6.01 on Thursday. Wolfspeed has a 1 year low of $4.66 and a 1 year high of $35.28. The firm’s 50 day moving average price is $7.50 and its 200-day moving average price is $10.74. 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 has a market cap of $766.90 million, a P/E ratio of -1.01 and a beta of 1.43.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 93.31% and a negative return on equity of 49.86%. On average, equities analysts predict that Wolfspeed will post -4.2 earnings per share for the current fiscal year.

Insider Transactions at Wolfspeed

In other news, Chairman Thomas H. Werner purchased 37,500 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were purchased at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the purchase, the chairman now owns 108,549 shares in the company, valued at approximately $708,824.97. This represents a 52.78 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Glenda Dorchak acquired 3,592 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was acquired at an average cost of $8.33 per share, with a total value of $29,921.36. Following the completion of the purchase, the director now owns 18,688 shares of the company’s stock, valued at $155,671.04. This trade represents a 23.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 78,067 shares of company stock valued at $524,747. 0.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Wolfspeed

Several institutional investors have recently bought and sold shares of WOLF. Vontobel Holding Ltd. increased its holdings in shares of Wolfspeed by 5.1% in the 3rd quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company’s stock valued at $364,000 after acquiring an additional 1,835 shares during the period. New York State Teachers Retirement System boosted its position in Wolfspeed by 1.3% during the third quarter. New York State Teachers Retirement System now owns 145,284 shares of the company’s stock valued at $1,409,000 after purchasing an additional 1,885 shares in the last quarter. KBC Group NV boosted its position in Wolfspeed by 76.5% during the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock valued at $40,000 after purchasing an additional 2,629 shares in the last quarter. Eastern Bank bought a new position in Wolfspeed in the third quarter worth about $27,000. Finally, Asset Management One Co. Ltd. lifted its position in shares of Wolfspeed by 69.0% during the third quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock valued at $69,000 after buying an additional 2,885 shares during 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.