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

Wolfspeed (NYSE:WOLF) had its target price reduced by equities research analysts at Susquehanna from $11.00 to $7.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Susquehanna’s price target would indicate a potential upside of 14.29% from the company’s current price.

A number of other brokerages have also weighed in on WOLF. Morgan Stanley raised their target price on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Canaccord Genuity Group cut their target price on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. The Goldman Sachs Group cut their target price on shares of Wolfspeed from $19.00 to $17.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. JPMorgan Chase & Co. cut their target price on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Finally, Roth Mkm cut their target price on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Three 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 $16.79.

Wolfspeed Stock Performance

Shares of NYSE:WOLF opened at $6.13 on Wednesday. The company’s 50 day simple moving average is $7.53 and its 200 day simple moving average is $11.34. The stock has a market capitalization of $782.22 million, a price-to-earnings ratio of -1.03 and a beta of 1.43. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. Wolfspeed has a 1 year low of $4.66 and a 1 year high of $37.24.

Insider Transactions at Wolfspeed

In other news, Director Darren R. Jackson purchased 36,975 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were acquired at an average cost of $6.76 per share, for a total transaction 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 trade represents a 75.43 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Glenda Dorchak bought 3,592 shares of the company’s stock in a transaction on 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 completion of the purchase, 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 disclosure for this purchase can be found here. Insiders acquired a total of 78,067 shares of company stock valued at $524,747 over the last three months. Corporate insiders own 0.84% of the company’s stock.

Institutional Trading of Wolfspeed

A number of institutional investors have recently modified their holdings of WOLF. Two Sigma Advisers LP lifted 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 in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Wolfspeed by 1,158.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock valued at $8,082,000 after buying an additional 766,971 shares in the last quarter. Erste Asset Management GmbH purchased a new stake in shares of Wolfspeed during the 3rd quarter valued at approximately $4,542,000. Iridian Asset Management LLC CT lifted its stake in shares of Wolfspeed by 319.9% during the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after buying 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 valued at approximately $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.