Mizuho Begins Coverage on Wolfspeed (NYSE:WOLF)

Mizuho started coverage on shares of Wolfspeed (NYSE:WOLF - Free Report) in a research report report published on Friday morning, Marketbeat reports. The firm issued a neutral rating and a $30.00 target price on the stock.

WOLF has been the topic of a number of other research reports. Piper Sandler dropped their target price on Wolfspeed from $55.00 to $45.00 and set an overweight rating on the stock in a research report on Thursday, February 1st. JPMorgan Chase & Co. dropped their target price on Wolfspeed from $44.00 to $43.00 and set a neutral rating on the stock in a research report on Thursday, February 1st. Finally, Wells Fargo & Company reaffirmed an equal weight rating and set a $30.00 price target (down previously from $55.00) on shares of Wolfspeed in a research report on Wednesday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and an average price target of $44.13.

Wolfspeed Stock Down 2.8 %

Shares of Wolfspeed stock traded down $0.76 on Friday, hitting $26.31. The company had a trading volume of 2,997,648 shares, compared to its average volume of 4,711,010. The stock has a 50-day moving average of $27.59 and a 200-day moving average of $33.49. The company has a debt-to-equity ratio of 4.50, a current ratio of 5.13 and a quick ratio of 4.58. Wolfspeed has a twelve month low of $23.54 and a twelve month high of $70.42. The firm has a market capitalization of $3.31 billion, a P/E ratio of -4.33 and a beta of 1.66.

Wolfspeed (NYSE:WOLF - Get Free Report) last announced its earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, topping analysts' consensus estimates of ($0.79) by $0.10. The firm had revenue of $208.40 million during the quarter, compared to analyst estimates of $205.94 million. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. Research analysts predict that Wolfspeed will post -3.05 earnings per share for the current year.

Insider Buying and Selling

In other Wolfspeed news, Director Darren R. Jackson bought 10,000 shares of the firm's stock in a transaction that occurred on Friday, February 2nd. The shares were acquired at an average cost of $25.80 per share, with a total value of $258,000.00. Following the acquisition, the director now owns 49,021 shares of the company's stock, valued at $1,264,741.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.62% of the stock is owned by insiders.

Institutional Trading of Wolfspeed

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Wolfspeed by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 12,629,335 shares of the company's stock valued at $549,502,000 after purchasing an additional 157,668 shares during the period. Norges Bank bought a new stake in Wolfspeed in the 4th quarter valued at $308,701,000. Artisan Partners Limited Partnership boosted its stake in Wolfspeed by 15.5% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company's stock valued at $114,261,000 after purchasing an additional 352,609 shares during the period. Primecap Management Co. CA boosted its stake in Wolfspeed by 1.6% in the 4th quarter. Primecap Management Co. CA now owns 1,906,494 shares of the company's stock valued at $82,952,000 after purchasing an additional 29,700 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Wolfspeed by 3.9% in the 1st quarter. Geode Capital Management LLC now owns 1,758,439 shares of the company's stock valued at $114,047,000 after purchasing an additional 66,337 shares during the period.

About Wolfspeed

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.