Analysts Set Wolfspeed, Inc. (NYSE:WOLF) Price Target at $14.33

Shares of Wolfspeed, Inc. (NYSE:WOLF) have received an average recommendation of “Reduce” from the six research firms that are currently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $14.3333.

A number of research analysts have recently commented on the stock. Susquehanna cut their price objective on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, January 22nd. Wall Street Zen lowered Wolfspeed from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 price target (up from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. Finally, Zacks Research raised Wolfspeed to a “hold” rating in a report on Monday, February 9th.

Wolfspeed Trading Down 0.2%

Shares of WOLF stock opened at $17.43 on Thursday. Wolfspeed has a 1 year low of $8.05 and a 1 year high of $36.60. The firm’s fifty day simple moving average is $17.63 and its 200 day simple moving average is $19.46. The firm has a market capitalization of $786.01 million and a P/E ratio of -2.48.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, January 28th. The company reported ($6.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.74) by ($5.37). The firm’s revenue for the quarter was down 6.6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.95) EPS. Equities research analysts anticipate that Wolfspeed will post -4 EPS for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

Institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. raised its stake in shares of Wolfspeed by 176.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after buying an additional 881,603 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Wolfspeed by 94.3% during 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 valued at $5,718,000 after acquiring an additional 906,968 shares in the last quarter. XTX Topco Ltd increased its stake in Wolfspeed by 4,954.1% in the second quarter. XTX Topco Ltd now owns 982,770 shares of the company’s stock valued at $392,000 after acquiring an additional 963,325 shares during the period. Panagora Asset Management Inc. raised its position in Wolfspeed by 709.4% in the second quarter. Panagora Asset Management Inc. now owns 113,800 shares of the company’s stock worth $45,000 after purchasing an additional 99,740 shares in the last quarter. Finally, Two Seas Capital LP acquired a new position in Wolfspeed in the second quarter worth about $962,000.

Wolfspeed Company Profile

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.