Canaccord Genuity Group Trims Wolfspeed (NYSE:WOLF) Target Price to $47.00

Wolfspeed (NYSE:WOLF) had its target price reduced by equities researchers at Canaccord Genuity Group from $50.00 to $47.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 99.49% from the stock’s previous close.

Other analysts have also issued reports about the company. Mizuho cut their price objective on Wolfspeed from $30.00 to $27.00 and set a “neutral” rating for the company in a report on Thursday. Roth Mkm reaffirmed a “buy” rating and set a $50.00 price target on shares of Wolfspeed in a research note on Tuesday. JPMorgan Chase & Co. lowered their price target on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research note on Thursday, April 11th. William Blair lowered shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a research report on Thursday. Finally, Wells Fargo & Company reiterated an “equal weight” rating and issued a $30.00 target price (down from $55.00) on shares of Wolfspeed in a research note on Wednesday, April 3rd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $37.27.

Wolfspeed Stock Down 9.8 %

Shares of WOLF traded down $2.55 during trading hours on Thursday, reaching $23.56. The company’s stock had a trading volume of 18,356,647 shares, compared to its average volume of 4,908,879. The company has a 50 day moving average of $26.62 and a two-hundred day moving average of $32.17. The company has a quick ratio of 4.58, a current ratio of 5.13 and a debt-to-equity ratio of 4.50. The firm has a market cap of $2.96 billion, a price-to-earnings ratio of -3.85 and a beta of 1.64. Wolfspeed has a 1-year low of $20.63 and a 1-year high of $70.42.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.10. The firm had revenue of $208.40 million for the quarter, compared to analyst estimates of $205.94 million. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. As a group, research analysts predict that Wolfspeed will post -3.05 EPS for the current fiscal year.

Insider Activity

In other news, Director Darren R. Jackson purchased 10,000 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were purchased at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the purchase, the director now directly owns 49,021 shares of the company’s stock, valued at approximately $1,264,741.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.62% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. TFO Wealth Partners LLC grew its holdings in Wolfspeed by 57,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after acquiring an additional 574 shares during the last quarter. Independence Bank of Kentucky lifted its position in shares of Wolfspeed by 97.0% during the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after purchasing an additional 350 shares in the last quarter. Fifth Third Bancorp grew its stake in shares of Wolfspeed by 56.9% during the first quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock valued at $37,000 after purchasing an additional 452 shares during the last quarter. Rakuten Securities Inc. acquired a new stake in shares of Wolfspeed in the fourth quarter valued at approximately $48,000. Finally, GAMMA Investing LLC acquired a new stake in shares of Wolfspeed in the fourth quarter valued at approximately $56,000.

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.