Wolfspeed (NYSE:WOLF) Given New $23.00 Price Target at Susquehanna

Wolfspeed (NYSE:WOLF) had its target price trimmed by Susquehanna from $25.00 to $23.00 in a research report sent to investors on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other research analysts have also issued reports on the stock. Mizuho dropped their price objective on shares of Wolfspeed from $30.00 to $27.00 and set a neutral rating for the company in a report on Thursday. JPMorgan Chase & Co. cut their target price on Wolfspeed from $43.00 to $35.00 and set a neutral rating on the stock in a report on Thursday, April 11th. Roth Mkm reissued a buy rating and set a $50.00 target price on shares of Wolfspeed in a research note on Tuesday. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Wolfspeed from $35.00 to $30.00 and set a hold rating for the company in a research report on Tuesday, April 23rd. Finally, William Blair lowered Wolfspeed from an outperform rating to a market perform rating in a report on Thursday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $37.27.

Wolfspeed Price Performance

Shares of WOLF stock traded up $1.77 on Thursday, hitting $25.33. 5,927,773 shares of the company’s stock were exchanged, compared to its average volume of 5,565,011. Wolfspeed has a 12 month low of $20.63 and a 12 month high of $70.42. The company has a debt-to-equity ratio of 5.55, a current ratio of 4.58 and a quick ratio of 4.58. The company has a 50 day moving average of $26.61 and a 200 day moving average of $32.05.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.10. The business had revenue of $208.40 million for the quarter, compared to analyst estimates of $205.94 million. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. Equities research analysts anticipate that Wolfspeed will post -3.05 EPS for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

A number of hedge funds have recently modified their holdings of the stock. Iridian Asset Management LLC CT boosted its position in Wolfspeed by 10.6% during the first quarter. Iridian Asset Management LLC CT now owns 118,274 shares of the company’s stock worth $3,489,000 after purchasing an additional 11,380 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Wolfspeed by 20.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 128,099 shares of the company’s stock worth $3,779,000 after buying an additional 22,075 shares during the period. Retirement Systems of Alabama grew its stake in Wolfspeed by 0.4% in the 1st quarter. Retirement Systems of Alabama now owns 238,375 shares of the company’s stock valued at $7,032,000 after buying an additional 1,011 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in Wolfspeed by 6.3% during the 1st quarter. Commonwealth Equity Services LLC now owns 35,534 shares of the company’s stock valued at $1,048,000 after acquiring an additional 2,116 shares during the period. Finally, Principal Financial Group Inc. lifted its position in shares of Wolfspeed by 2.9% during the first quarter. Principal Financial Group Inc. now owns 473,571 shares of the company’s stock worth $13,970,000 after acquiring an additional 13,537 shares in 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.