Mizuho Cuts Wolfspeed (NYSE:WOLF) Price Target to $6.00

Wolfspeed (NYSE:WOLF) had its price target decreased by Mizuho from $10.00 to $6.00 in a report issued on Tuesday,Benzinga reports. Mizuho currently has an underperform rating on the stock.

Other research analysts also recently issued reports about the company. Bank of America decreased their price target on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a report on Friday, August 23rd. New Street Research downgraded shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a report on Wednesday, August 7th. The Goldman Sachs Group cut their price objective on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Canaccord Genuity Group decreased their price objective on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Wolfspeed has an average rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Stock Up 31.0 %

NYSE:WOLF opened at $8.44 on Tuesday. 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 company’s fifty day moving average price is $10.71 and its 200-day moving average price is $16.94. Wolfspeed has a 1-year low of $6.10 and a 1-year high of $47.43. The firm has a market capitalization of $1.08 billion, a P/E ratio of -1.42 and a beta of 1.46.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The company had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. As a group, equities research analysts anticipate that Wolfspeed will post -4.13 EPS for the current year.

Insider Transactions at Wolfspeed

In related news, Chairman Thomas H. Werner acquired 37,500 shares of the stock in a transaction on Wednesday, November 20th. The shares were bought at an average price of $6.53 per share, with a total value of $244,875.00. Following the completion of the purchase, the chairman now owns 108,549 shares of the company’s stock, 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 Securities & Exchange Commission, which is available at the SEC website. Also, Director Darren R. Jackson bought 36,975 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was bought at an average price of $6.76 per share, with a total value of $249,951.00. Following the completion of the acquisition, the director now owns 85,996 shares in the company, valued at $581,332.96. This represents a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

Institutional investors and hedge funds have recently bought and sold shares of the company. Mather Group LLC. grew its holdings 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 purchasing an additional 933 shares during the period. Eastern Bank purchased a new position in Wolfspeed during the third quarter worth about $27,000. GAMMA Investing LLC increased its position in shares of Wolfspeed by 416.4% during the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after acquiring an additional 3,664 shares during the last quarter. Signaturefd LLC raised its stake in shares of Wolfspeed by 284.3% in the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after acquiring an additional 1,544 shares during the period. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Wolfspeed by 64.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after acquiring an additional 691 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.