JPMorgan Chase & Co. Reiterates Underweight Rating for Wolfspeed (NYSE:WOLF)

Wolfspeed (NYSE:WOLF - Get Free Report)'s stock had its "underweight" rating restated by equities researchers at JPMorgan Chase & Co. in a research report issued on Friday, MarketBeat reports.

A number of other equities research analysts have also issued reports on the stock. The Goldman Sachs Group cut their price target on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Susquehanna reduced their price target on Wolfspeed from $11.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, January 22nd. Canaccord Genuity Group dropped their price objective on Wolfspeed from $18.00 to $10.00 and set a "buy" rating for the company in a report on Thursday, January 30th. Bank of America reduced their target price on Wolfspeed from $9.50 to $6.00 and set an "underperform" rating on the stock in a research note on Thursday, January 30th. Finally, Citigroup reiterated a "sell" rating and issued a $3.00 price target (down previously from $7.00) on shares of Wolfspeed in a report on Friday, May 9th. Five analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $11.15.

Wolfspeed Trading Down 3.1%

Shares of WOLF traded down $0.12 during trading hours on Friday, hitting $3.75. The company had a trading volume of 24,400,660 shares, compared to its average volume of 14,958,926. The firm has a market cap of $478.92 million, a P/E ratio of -0.49 and a beta of 1.62. Wolfspeed has a 52-week low of $2.06 and a 52-week high of $30.86. The stock's 50 day moving average price is $3.81 and its 200 day moving average price is $6.31. 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 - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.72) EPS for the quarter, topping analysts' consensus estimates of ($0.82) by $0.10. The business had revenue of $185.40 million for the quarter, compared to analysts' expectations of $190.03 million. Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. The business's quarterly revenue was down 7.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.62) EPS. On average, research analysts predict that Wolfspeed will post -4 EPS for the current year.

Insider Transactions at Wolfspeed

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the business's stock in a transaction on Monday, April 28th. The stock was sold at an average price of $3.99, for a total value of $55,496.91. Following the sale, the chief financial officer now directly owns 195,257 shares of the company's stock, valued at approximately $779,075.43. The trade was a 6.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.84% of the company's stock.

Hedge Funds Weigh In On Wolfspeed

Several large investors have recently modified their holdings of WOLF. Vanguard Group Inc. lifted its stake in shares of Wolfspeed by 18.8% in the first quarter. Vanguard Group Inc. now owns 18,913,793 shares of the company's stock worth $57,876,000 after buying an additional 2,989,503 shares in the last quarter. Shah Capital Management purchased a new stake in Wolfspeed during the 1st quarter valued at $6,586,000. Neuberger Berman Group LLC increased its holdings in shares of Wolfspeed by 72.7% in the 1st quarter. Neuberger Berman Group LLC now owns 4,329,584 shares of the company's stock worth $13,723,000 after purchasing an additional 1,822,958 shares in the last quarter. Frontier Capital Management Co. LLC raised its stake in shares of Wolfspeed by 94.2% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company's stock worth $13,658,000 after purchasing an additional 995,020 shares during the last quarter. Finally, South Dakota Investment Council lifted its holdings in shares of Wolfspeed by 121.8% during the first quarter. South Dakota Investment Council now owns 1,591,056 shares of the company's stock valued at $4,869,000 after purchasing an additional 873,574 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.