Wolfspeed (NYSE:WOLF) Receives $11.15 Consensus Target Price from Brokerages

Key Points

• Analyst Ratings: Wolfspeed has received an average rating of "Hold" from thirteen analysts, with four sell ratings, five hold ratings, and four buy ratings.
• Recent Stock Performance: Shares of Wolfspeed have experienced a significant drop, down 8.1%, with a share price opening at $1.64 and a 52-week low of $0.39.
• Insider Activity: CFO Neill Reynolds sold 13,909 shares at an average price of $3.99, reflecting a 6.65% decrease in his ownership of the stock.

Wolfspeed (NYSE:WOLF - Get Free Report) has received a consensus rating of "Hold" from the thirteen brokerages that are presently covering the company, MarketBeat Ratings reports. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $11.15.

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

Wolfspeed Price Performance

NYSE:WOLF traded down $0.15 during mid-day trading on Friday, reaching $1.54. 12,695,759 shares of the company were exchanged, compared to its average volume of 116,017,216. Wolfspeed has a 12 month low of $0.39 and a 12 month high of $19.30. The company has a fifty day moving average of $1.36 and a 200 day moving average of $3.53. The company has a quick ratio of 3.90, a current ratio of 4.64 and a debt-to-equity ratio of 30.65. The stock has a market cap of $238.89 million, a PE ratio of -0.18 and a beta of 1.09.

Wolfspeed (NYSE:WOLF - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.72) earnings per share for the quarter, beating analysts' consensus estimates of ($0.82) by $0.10. The business had revenue of $185.40 million for the quarter, compared to the consensus estimate of $190.03 million. Wolfspeed had a negative net margin of 146.43% and a negative return on equity of 103.97%. Wolfspeed's revenue for the quarter was down 7.6% on a year-over-year basis. During the same period last year, the company posted ($0.62) EPS. On average, research analysts anticipate that Wolfspeed will post -4 EPS for the current fiscal year.

Institutional Trading of Wolfspeed

Several institutional investors have recently added to or reduced their stakes in the stock. N.E.W. Advisory Services LLC bought a new position in shares of Wolfspeed during the 1st quarter worth approximately $28,000. Beacon Capital Management LLC bought a new position in shares of Wolfspeed during the 1st quarter worth approximately $31,000. Caitlin John LLC bought a new position in shares of Wolfspeed during the 2nd quarter worth approximately $31,000. Wealthfront Advisers LLC bought a new position in shares of Wolfspeed during the 1st quarter worth approximately $32,000. Finally, MAI Capital Management boosted its holdings in shares of Wolfspeed by 894.9% during the 1st quarter. MAI Capital Management now owns 10,815 shares of the company's stock worth $33,000 after buying an additional 9,728 shares in the last quarter.

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.