Mizuho Issues Pessimistic Forecast for Wolfspeed (NYSE:WOLF) Stock Price

Wolfspeed (NYSE:WOLF) had its price objective trimmed by Mizuho from $10.00 to $6.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has an underperform rating on the stock.

Several other equities analysts have also issued reports on the company. New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price on the stock. in a research note on Wednesday, August 7th. Morgan Stanley increased their target price on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Bank of America decreased their target price on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research note on Friday, August 23rd. Piper Sandler reissued an “overweight” rating and set a $18.00 target price (down previously from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. Finally, TD Cowen decreased their target price on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Wolfspeed presently has a consensus rating of “Hold” and an average target price of $17.21.

Wolfspeed Stock Performance

Shares of Wolfspeed stock opened at $6.45 on Tuesday. Wolfspeed has a 52 week low of $6.34 and a 52 week high of $47.43. The business’s fifty day simple moving average is $10.77 and its 200-day simple moving average is $17.09. The firm has a market cap of $823.11 million, a PE ratio of -1.08 and a beta of 1.46. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative net margin of 93.31% and a negative return on equity of 49.86%. The business had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.11 million. Equities analysts forecast that Wolfspeed will post -4.13 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Aequim Alternative Investments LP lifted its position in Wolfspeed by 20.2% during the 3rd quarter. Aequim Alternative Investments LP now owns 196,836 shares of the company’s stock worth $1,909,000 after acquiring an additional 33,036 shares during the period. M&T Bank Corp lifted its position in Wolfspeed by 120.5% during the 3rd quarter. M&T Bank Corp now owns 64,222 shares of the company’s stock worth $623,000 after acquiring an additional 35,101 shares during the period. XTX Topco Ltd lifted its position in Wolfspeed by 145.4% during the 3rd quarter. XTX Topco Ltd now owns 48,914 shares of the company’s stock worth $474,000 after acquiring an additional 28,983 shares during the period. Two Sigma Advisers LP lifted its position in Wolfspeed by 813.6% during the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after acquiring an additional 2,189,500 shares during the period. Finally, Quadrature Capital Ltd lifted its position in Wolfspeed by 301.8% during the 3rd quarter. Quadrature Capital Ltd now owns 184,674 shares of the company’s stock worth $1,790,000 after acquiring an additional 138,715 shares during the period.

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.