Wolfspeed (NYSE:WOLF) Given New $20.00 Price Target at Susquehanna

Wolfspeed (NYSE:WOLF) had its target price reduced by research analysts at Susquehanna from $30.00 to $20.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Susquehanna’s target price would indicate a potential downside of 0.95% from the stock’s current price.

WOLF has been the topic of a number of other research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research note on Monday, December 29th. Wall Street Zen raised Wolfspeed to a “hold” rating in a research note on Saturday, November 22nd. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $8.83.

Wolfspeed Price Performance

Shares of WOLF stock opened at $20.19 on Thursday. The firm’s 50-day moving average is $19.20 and its two-hundred day moving average is $13.60. The company has a market capitalization of $522.81 million and a PE ratio of -31.04. Wolfspeed has a 12 month low of $8.05 and a 12 month high of $36.60.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, October 29th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.05. The business had revenue of $196.80 million for the quarter, compared to analyst estimates of $195.37 million. Sell-side analysts forecast that Wolfspeed will post -4 EPS for the current year.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds have recently made changes to their positions in the stock. Capital Research Global Investors purchased a new stake in Wolfspeed during the third quarter valued at about $79,426,000. Two Seas Capital LP acquired a new stake in shares of Wolfspeed in the second quarter worth $962,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Wolfspeed by 94.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock worth $5,718,000 after acquiring an additional 906,968 shares during the period. Goldman Sachs Group Inc. increased its holdings in Wolfspeed by 176.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after purchasing an additional 881,603 shares during the last quarter. Finally, GMT Capital Corp increased its position in shares of Wolfspeed by 42.9% in the 2nd quarter. GMT Capital Corp now owns 1,211,332 shares of the company’s stock worth $483,000 after purchasing an additional 363,784 shares during the last quarter.

About Wolfspeed

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.