Brokerages Set Wolfspeed, Inc. (NYSE:WOLF) Target Price at $25.00

Shares of Wolfspeed, Inc. (NYSE:WOLF) have earned a consensus rating of “Hold” from the five analysts that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $25.00.

WOLF has been the topic of several analyst reports. TD Cowen reiterated a “hold” rating and issued a $25.00 target price on shares of Wolfspeed in a report on Thursday, August 20th. Weiss Ratings raised Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a research note on Monday, August 24th. Susquehanna decreased their target price on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a research note on Tuesday, July 21st. Finally, Wall Street Zen lowered Wolfspeed from a “sell” rating to a “strong sell” rating in a research report on Saturday.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Renesas Electronics America Inc. bought a new position in shares of Wolfspeed in the 2nd quarter valued at about $813,126,949. Shah Capital Management boosted its position in Wolfspeed by 1,419.5% during the first quarter. Shah Capital Management now owns 508,948 shares of the company’s stock valued at $8,306,000 after purchasing an additional 475,454 shares during the last quarter. SG Americas Securities LLC bought a new position in Wolfspeed in the first quarter valued at approximately $6,671,000. Prescott Group Capital Management L.L.C. acquired a new stake in shares of Wolfspeed in the 4th quarter valued at approximately $6,416,000. Finally, Ardsley Advisory Partners LP acquired a new stake in shares of Wolfspeed in the 4th quarter valued at approximately $2,873,000.

Wolfspeed Stock Up 0.1%

NYSE:WOLF opened at $25.61 on Monday. Wolfspeed has a 12-month low of $8.05 and a 12-month high of $80.82. The firm has a market capitalization of $1.36 billion and a P/E ratio of -1.63. The stock’s fifty day simple moving average is $27.54 and its 200-day simple moving average is $33.96.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, August 19th. The company reported ($2.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.45) by $0.19. The company had revenue of $149.60 million for the quarter, compared to the consensus estimate of $150.00 million. Wolfspeed’s quarterly revenue was down 24.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.77) EPS.

About Wolfspeed

Wolfspeed, Inc is a semiconductor company focused on silicon carbide and gallium nitride technologies. The company develops and manufactures power semiconductors, materials and related components designed to improve energy efficiency and performance in high-power electrical systems.

Its product portfolio includes silicon carbide materials, discrete power devices, power modules and radio-frequency products. These products serve applications such as electric vehicles, charging infrastructure, renewable energy systems, industrial equipment, telecommunications, aerospace and defense.

Wolfspeed was formerly known as Cree, Inc, which was founded in 1987.