The Goldman Sachs Group Has Lowered Expectations for Wolfspeed (NYSE:WOLF) Stock Price

Wolfspeed (NYSE:WOLF) had its price target cut by stock analysts at The Goldman Sachs Group from $15.00 to $8.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target points to a potential upside of 204.76% from the company’s previous close.

Several other analysts have also recently weighed in on the company. Canaccord Genuity Group lowered their price target on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Susquehanna lowered their price objective on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 22nd. Bank of America cut their target price on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a research report on Thursday, January 30th. Finally, Piper Sandler dropped their price target on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, Wolfspeed presently has an average rating of “Hold” and a consensus price target of $13.15.

Wolfspeed Stock Down 5.9 %

WOLF stock opened at $2.63 on Wednesday. The stock has a fifty day moving average of $5.55 and a 200-day moving average of $7.97. Wolfspeed has a fifty-two week low of $2.41 and a fifty-two week high of $30.86. The company has a market capitalization of $335.25 million, a price-to-earnings ratio of -0.34 and a beta of 1.50. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data 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 net margin of 125.96% and a negative return on equity of 70.84%. As a group, equities research analysts predict that Wolfspeed will post -4 earnings per share for the current year.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds have recently modified their holdings of WOLF. Jones Financial Companies Lllp raised its position in Wolfspeed by 1,240.6% during the 4th quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock valued at $26,000 after purchasing an additional 3,548 shares during the last quarter. R Squared Ltd bought a new position in shares of Wolfspeed during the fourth quarter valued at approximately $28,000. Steward Partners Investment Advisory LLC lifted its stake in Wolfspeed by 192.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock worth $29,000 after acquiring an additional 2,912 shares during the period. KBC Group NV boosted its holdings in Wolfspeed by 76.5% in the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock valued at $40,000 after acquiring an additional 2,629 shares in the last quarter. Finally, Allworth Financial LP increased its position in Wolfspeed by 38.1% during 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 period.

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.