Deutsche Bank Aktiengesellschaft Lowers Wolfspeed (NYSE:WOLF) Price Target to $30.00

Wolfspeed (NYSE:WOLF - Get Free Report) had its price target cut by equities researchers at Deutsche Bank Aktiengesellschaft from $35.00 to $30.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a "hold" rating on the stock. Deutsche Bank Aktiengesellschaft's price target would suggest a potential upside of 32.92% from the company's current price.

A number of other equities analysts have also recently weighed in on the company. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $30.00 price target (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. Mizuho initiated coverage on Wolfspeed in a report on Friday, April 5th. They issued a "neutral" rating and a $30.00 price target for the company. Susquehanna reduced their price target on Wolfspeed from $35.00 to $25.00 and set a "neutral" rating for the company in a report on Tuesday. JPMorgan Chase & Co. reduced their price target on Wolfspeed from $43.00 to $35.00 and set a "neutral" rating for the company in a report on Thursday, April 11th. Finally, Piper Sandler cut their price objective on Wolfspeed from $55.00 to $45.00 and set an "overweight" rating for the company in a research note on Thursday, February 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $41.88.

Wolfspeed Stock Performance

Shares of WOLF stock traded down $1.37 on Tuesday, hitting $22.57. The company had a trading volume of 6,988,341 shares, compared to its average volume of 4,796,861. The firm has a market cap of $2.84 billion, a P/E ratio of -3.71 and a beta of 1.66. The company has a 50-day moving average price of $26.81 and a 200-day moving average price of $32.53. The company has a quick ratio of 4.58, a current ratio of 5.13 and a debt-to-equity ratio of 4.50. Wolfspeed has a twelve month low of $21.85 and a twelve month high of $70.42.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its quarterly 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 company had revenue of $208.40 million during the quarter, compared to analysts' expectations of $205.94 million. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. As a group, equities research analysts predict that Wolfspeed will post -3.05 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Darren R. Jackson purchased 10,000 shares of the company's stock in a transaction dated Friday, February 2nd. The stock was acquired at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the transaction, the director now directly owns 49,021 shares of the company's stock, valued at $1,264,741.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.85% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in WOLF. Norges Bank purchased a new position in Wolfspeed in the fourth quarter worth approximately $308,701,000. FengHe Fund Management Pte. Ltd. grew its position in Wolfspeed by 438.9% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company's stock worth $62,272,000 after acquiring an additional 1,165,600 shares during the period. JANA Partners Management LP purchased a new position in Wolfspeed in the third quarter worth approximately $35,662,000. Cibc World Markets Corp purchased a new position in Wolfspeed in the fourth quarter worth approximately $34,808,000. Finally, Polar Capital Holdings Plc purchased a new position in Wolfspeed in the third quarter worth approximately $16,200,000.

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.