Wolfspeed (NYSE:WOLF) Given Consensus Rating of "Hold" by Brokerages

Shares of Wolfspeed (NYSE:WOLF - Get Free Report) have earned a consensus recommendation of "Hold" from the fourteen ratings firms that are presently covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $11.15.

Several brokerages have commented on WOLF. JPMorgan Chase & Co. restated an "underweight" rating on shares of Wolfspeed in a research report on Friday, May 9th. Citigroup reissued a "sell" rating and set a $3.00 price target (down previously from $7.00) on shares of Wolfspeed in a report on Friday, May 9th. Piper Sandler reduced their price objective on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. Finally, The Goldman Sachs Group lowered their target price on Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd.

Insider Activity

In related news, CFO Neill Reynolds sold 13,909 shares of the 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 completion of the sale, the chief financial officer directly owned 195,257 shares in the company, valued at $779,075.43. This represents a 6.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.84% of the company's stock.

Institutional Investors Weigh In On Wolfspeed

Institutional investors and hedge funds have recently made changes to their positions in the stock. Jones Financial Companies Lllp boosted its holdings in Wolfspeed by 1,240.6% in the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock valued at $26,000 after acquiring an additional 3,548 shares during the last quarter. N.E.W. Advisory Services LLC acquired a new position in shares of Wolfspeed in the 1st quarter worth approximately $28,000. Steward Partners Investment Advisory LLC boosted its stake in shares of Wolfspeed by 192.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock valued at $29,000 after purchasing an additional 2,912 shares during the last quarter. Beacon Capital Management LLC bought a new stake in shares of Wolfspeed in the 1st quarter valued at $31,000. Finally, Wealthfront Advisers LLC acquired a new stake in shares of Wolfspeed during the first quarter worth $32,000.

Wolfspeed Stock Performance

NYSE:WOLF opened at $0.40 on Tuesday. The company has a debt-to-equity ratio of 30.65, a quick ratio of 3.90 and a current ratio of 4.64. Wolfspeed has a fifty-two week low of $0.39 and a fifty-two week high of $25.49. The company has a market cap of $62.83 million, a price-to-earnings ratio of -0.05 and a beta of 1.30. The stock has a fifty day moving average price of $2.19 and a 200-day moving average price of $4.30.

Wolfspeed (NYSE:WOLF - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.72) earnings per share for the quarter, topping the consensus estimate of ($0.82) by $0.10. Wolfspeed had a negative net margin of 146.43% and a negative return on equity of 103.97%. The business had revenue of $185.40 million during the quarter, compared to analysts' expectations of $190.03 million. Wolfspeed's revenue was down 7.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.62) earnings per share. As a group, equities analysts anticipate that Wolfspeed will post -4 EPS for the current fiscal year.

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.

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