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

Wolfspeed (NYSE:WOLF) had its price target cut by investment analysts at The Goldman Sachs Group from $19.00 to $17.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 171.83% from the company’s current price.

Other equities analysts also recently issued reports about the company. Susquehanna cut their target price on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Roth Mkm cut their target price on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Morgan Stanley increased their price target on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. StockNews.com raised shares of Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Finally, Canaccord Genuity Group reduced their target price on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $17.07.

Wolfspeed Price Performance

Shares of WOLF opened at $6.25 on Thursday. The firm has a 50-day simple moving average of $7.70 and a 200-day simple moving average of $11.83. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. The company has a market capitalization of $798.70 million, a price-to-earnings ratio of -1.05 and a beta of 1.43. Wolfspeed has a fifty-two week low of $4.66 and a fifty-two week high of $37.29.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, Director Darren R. Jackson acquired 36,975 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were purchased at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the purchase, the director now directly owns 85,996 shares in the company, valued at $581,332.96. The trade was a 75.43 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Glenda Dorchak purchased 3,592 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was bought at an average cost of $8.33 per share, for a total transaction of $29,921.36. Following the acquisition, the director now owns 18,688 shares in the company, valued at approximately $155,671.04. The trade was a 23.79 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 78,067 shares of company stock worth $524,747 in the last 90 days. 0.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently modified their holdings of the company. Inspire Investing LLC raised its stake in Wolfspeed by 42.0% during the 4th quarter. Inspire Investing LLC now owns 60,927 shares of the company’s stock valued at $406,000 after acquiring an additional 18,021 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Wolfspeed by 74.1% in the 4th quarter. SG Americas Securities LLC now owns 102,285 shares of the company’s stock worth $681,000 after acquiring an additional 43,536 shares during the last quarter. Arkadios Wealth Advisors acquired a new stake in Wolfspeed during the 4th quarter worth about $67,000. GAMMA Investing LLC raised its holdings in shares of Wolfspeed by 66.6% during the fourth quarter. GAMMA Investing LLC now owns 7,569 shares of the company’s stock valued at $50,000 after acquiring an additional 3,025 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Wolfspeed by 41.4% in the third 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 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.