Canaccord Genuity Group Has Lowered Expectations for Wolfspeed (NYSE:WOLF) Stock Price

Wolfspeed (NYSE:WOLF) had its price objective dropped by equities researchers at Canaccord Genuity Group from $18.00 to $10.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 63.75% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. Morgan Stanley raised their target price on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. StockNews.com upgraded Wolfspeed to a “sell” rating in a report on Monday, January 6th. The Goldman Sachs Group cut their target price on Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday. Piper Sandler lowered their target price on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, Mizuho decreased their price objective on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research report on Tuesday, November 19th. 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’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $14.86.

Wolfspeed Stock Performance

WOLF stock opened at $6.11 on Thursday. Wolfspeed has a 52 week low of $4.66 and a 52 week high of $34.63. 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 stock has a market cap of $779.94 million, a P/E ratio of -0.80 and a beta of 1.43. The firm has a 50 day simple moving average of $7.44 and a 200 day simple moving average of $10.58.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 60.94% and a negative net margin of 125.96%. Research analysts anticipate that Wolfspeed will post -4.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Wolfspeed news, Director Glenda Dorchak purchased 3,592 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was purchased 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 directly 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Darren R. Jackson purchased 36,975 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was 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 owns 85,996 shares in the company, valued at approximately $581,332.96. The trade was a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 78,067 shares of company stock valued at $524,747 over the last ninety days. 0.84% of the stock is owned by insiders.

Institutional Investors Weigh In On Wolfspeed

Several institutional investors have recently made changes to their positions in WOLF. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Wolfspeed in the fourth quarter valued at about $152,000. Truist Financial Corp purchased a new stake in Wolfspeed during the 4th quarter worth approximately $250,000. CIBC Asset Management Inc acquired a new position in shares of Wolfspeed during the 4th quarter worth approximately $70,000. Principal Financial Group Inc. increased its holdings in shares of Wolfspeed by 4.5% during the 4th quarter. Principal Financial Group Inc. now owns 619,057 shares of the company’s stock worth $4,123,000 after buying an additional 26,458 shares during the last quarter. Finally, Allworth Financial LP lifted its stake in shares of Wolfspeed by 38.1% in the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock valued at $44,000 after purchasing an additional 1,949 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.