The Goldman Sachs Group Cuts Wolfspeed (NYSE:WOLF) Price Target to $17.00

Wolfspeed (NYSE:WOLF) had its price target lowered by research analysts at The Goldman Sachs Group from $19.00 to $17.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential upside of 141.82% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. JPMorgan Chase & Co. dropped their price target on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. StockNews.com raised Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Roth Mkm dropped their price objective on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Morgan Stanley lifted their target price on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Finally, Mizuho dropped their price target on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 19th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Wolfspeed presently has an average rating of “Hold” and a consensus price target of $17.07.

Wolfspeed Stock Up 5.2 %

WOLF traded up $0.35 on Thursday, reaching $7.03. 16,582,297 shares of the company traded hands, compared to its average volume of 20,644,381. The company has a market cap of $897.80 million, a price-to-earnings ratio of -1.18 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. The stock’s 50 day moving average price is $7.80 and its 200-day moving average price is $11.98. Wolfspeed has a 52-week low of $4.66 and a 52-week high of $37.29.

Insider Transactions at Wolfspeed

In other Wolfspeed news, Director Glenda Dorchak purchased 3,592 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were 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 approximately $155,671.04. This represents a 23.79 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Darren R. Jackson bought 36,975 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the purchase, the director now owns 85,996 shares of the company’s stock, valued at $581,332.96. This trade represents a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 78,067 shares of company stock worth $524,747. Company insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

Institutional investors and hedge funds have recently made changes to their positions in the company. Iridian Asset Management LLC CT increased its position 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 worth $5,055,000 after purchasing an additional 397,057 shares in the last quarter. Public Sector Pension Investment Board bought a new stake in Wolfspeed during the third quarter worth about $2,590,000. Primecap Management Co. CA increased its holdings in shares of Wolfspeed by 5.0% during the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after buying an additional 303,870 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Wolfspeed by 41.4% in the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after acquiring an additional 173,409 shares during the last quarter. Finally, Rheos Capital Works Inc. boosted its holdings in shares of Wolfspeed by 140.8% in the 3rd quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock worth $4,147,000 after acquiring an additional 250,000 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.