The Goldman Sachs Group Cuts Wolfspeed (NYSE:WOLF) Price Target to $8.00

Wolfspeed (NYSE:WOLF) had its target price trimmed by The Goldman Sachs Group from $15.00 to $8.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

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

Wolfspeed Stock Performance

Shares of Wolfspeed stock opened at $2.58 on Wednesday. The stock has a market cap of $328.86 million, a price-to-earnings ratio of -0.34 and a beta of 1.50. Wolfspeed has a twelve month low of $2.41 and a twelve month high of $30.86. The company’s fifty day moving average is $5.47 and its 200 day moving average is $7.93. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) EPS 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%. Sell-side analysts forecast that Wolfspeed will post -4 EPS for the current year.

Institutional Investors Weigh In On Wolfspeed

Hedge funds and other institutional investors have recently made changes to their positions in the business. Allworth Financial LP boosted its stake 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 last quarter. Sterling Capital Management LLC boosted its position in shares of Wolfspeed by 51.4% during the fourth quarter. Sterling Capital Management LLC now owns 7,463 shares of the company’s stock valued at $50,000 after buying an additional 2,533 shares during the last quarter. Ground Swell Capital LLC grew its holdings in Wolfspeed by 25.6% during the fourth quarter. Ground Swell Capital LLC now owns 12,827 shares of the company’s stock worth $85,000 after buying an additional 2,611 shares in the last quarter. KBC Group NV raised its position in Wolfspeed by 76.5% in the 4th quarter. KBC Group NV now owns 6,064 shares of the company’s stock valued at $40,000 after buying an additional 2,629 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its stake in Wolfspeed by 192.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock valued at $29,000 after acquiring an additional 2,912 shares in 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.