Wolfspeed, Inc. (NYSE:WOLF) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Wolfspeed, Inc. (NYSE:WOLF) have earned an average recommendation of “Hold” from the fourteen analysts that are covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and four have issued a buy recommendation on the company. The average 12-month target price among analysts that have covered the stock in the last year is $11.15.

Several analysts recently weighed in on the company. Piper Sandler decreased their price target on Wolfspeed from $10.00 to $6.00 and set an “overweight” rating on the stock in a report on Friday, May 9th. JPMorgan Chase & Co. restated an “underweight” rating on shares of Wolfspeed in a report on Friday, May 9th. Citigroup restated 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. Finally, The Goldman Sachs Group decreased their price target on Wolfspeed from $15.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd.

Wolfspeed Stock Down 4.5%

Shares of WOLF opened at $1.37 on Friday. The stock has a market capitalization of $212.43 million, a price-to-earnings ratio of -0.18 and a beta of 1.29. Wolfspeed has a 1 year low of $0.82 and a 1 year high of $29.77. The business’s 50 day simple moving average is $2.55 and its 200-day simple moving average is $5.07. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.72) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.82) by $0.10. Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. The business had revenue of $185.40 million for the quarter, compared to analysts’ expectations of $190.03 million. During the same period in the prior year, the firm earned ($0.62) EPS. The company’s revenue for the quarter was down 7.6% on a year-over-year basis. As a group, equities analysts expect that Wolfspeed will post -4 earnings per share for the current fiscal year.

Insider Transactions at Wolfspeed

In other news, CFO Neill Reynolds sold 13,909 shares of the firm’s stock in a transaction on Monday, April 28th. The stock was sold at an average price of $3.99, for a total transaction of $55,496.91. Following the transaction, the chief financial officer now owns 195,257 shares in the company, valued at approximately $779,075.43. This trade represents a 6.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

Institutional investors have recently made changes to their positions in the company. Jones Financial Companies Lllp increased its stake in shares of Wolfspeed by 1,240.6% during the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock valued at $26,000 after buying an additional 3,548 shares during the period. N.E.W. Advisory Services LLC purchased a new position in shares of Wolfspeed during the first quarter valued at $28,000. Steward Partners Investment Advisory LLC increased its stake in shares of Wolfspeed by 192.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock valued at $29,000 after buying an additional 2,912 shares during the period. Beacon Capital Management LLC purchased a new position in shares of Wolfspeed during the first quarter valued at $31,000. Finally, Wealthfront Advisers LLC purchased a new position in shares of Wolfspeed during the first quarter valued at $32,000.

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.