Susquehanna Cuts Wolfspeed (NYSE:WOLF) Price Target to $30.00

Wolfspeed (NYSE:WOLF) had its price target decreased by Susquehanna from $40.00 to $30.00 in a report released on Tuesday,Benzinga reports. Susquehanna currently has a neutral rating on the stock.

Several other equities analysts also recently weighed in on WOLF. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Wolfspeed presently has a consensus rating of “Hold” and a consensus price target of $25.00.

Wolfspeed Stock Performance

Shares of NYSE WOLF opened at $25.98 on Tuesday. The firm has a fifty day moving average of $48.49 and a 200 day moving average of $31.55. The firm has a market cap of $1.35 billion and a PE ratio of -2.46. Wolfspeed has a one year low of $8.05 and a one year high of $80.82.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.78) by $0.52. The company had revenue of $150.20 million for the quarter, compared to analysts’ expectations of $150.00 million. The business’s revenue for the quarter was down 19.0% on a year-over-year basis. During the same period in the previous year, the business earned ($0.72) earnings per share.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Atlas Brown Inc. grew its position in shares of Wolfspeed by 29.2% in the second quarter. Atlas Brown Inc. now owns 32,300 shares of the company’s stock valued at $1,558,000 after purchasing an additional 7,300 shares in the last quarter. Next Level Private LLC purchased a new position in Wolfspeed during the second quarter worth approximately $434,000. FNY Investment Advisers LLC acquired a new position in Wolfspeed during the second quarter worth $204,000. Royal Bank of Canada acquired a new position in Wolfspeed during the first quarter worth $89,000. Finally, Lazard Asset Management LLC purchased a new stake in Wolfspeed in the 1st quarter valued at $1,796,000.

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.