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

Key Points

• Susquehanna cut its price target on Wolfspeed from $40 to $30 while keeping a neutral rating, implying limited downside from the current share price.
• Analyst sentiment remains mixed: the stock has one Buy, two Hold, and one Sell rating, with a consensus rating of Hold and an average price target of $25.
• Wolfspeed shares rose 7.5% to $31.60 on Tuesday, even as the company continues to post losses and recent quarterly revenue fell 19% year over year.

Wolfspeed (NYSE:WOLF - Get Free Report) had its target price decreased by investment analysts at Susquehanna from $40.00 to $30.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Susquehanna's price objective indicates a potential downside of 5.06% from the company's current price.

Other equities analysts also recently issued reports about the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Wolfspeed in a research report on Wednesday, June 24th. Wall Street Zen raised shares of Wolfspeed from a "strong sell" rating to a "sell" rating in a research note on Saturday. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Wolfspeed currently has an average rating of "Hold" and a consensus price target of $25.00.

Wolfspeed Trading Up 7.5%

Wolfspeed stock traded up $2.22 during midday trading on Tuesday, hitting $31.60. 701,253 shares of the stock were exchanged, compared to its average volume of 4,421,343. The stock's 50-day simple moving average is $50.50 and its 200 day simple moving average is $31.32. Wolfspeed has a fifty-two week low of $8.05 and a fifty-two week high of $80.82. The stock has a market capitalization of $1.64 billion and a price-to-earnings ratio of -3.00.

Wolfspeed (NYSE:WOLF - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($3.78) by $0.52. The firm had revenue of $150.20 million for the quarter, compared to analyst estimates of $150.00 million. The firm's quarterly revenue was down 19.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.72) EPS.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of WOLF. Atlas Brown Inc. lifted its position in shares of Wolfspeed by 29.2% during the 2nd quarter. Atlas Brown Inc. now owns 32,300 shares of the company's stock valued at $1,558,000 after acquiring an additional 7,300 shares during the period. Next Level Private LLC acquired a new stake in shares of Wolfspeed in the 2nd quarter worth approximately $434,000. FNY Investment Advisers LLC purchased a new position in Wolfspeed in the 2nd quarter valued at approximately $204,000. Royal Bank of Canada purchased a new stake in shares of Wolfspeed in the 1st quarter worth about $89,000. Finally, Lazard Asset Management LLC purchased a new position in Wolfspeed during the 1st quarter valued at about $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.

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