Roth Mkm Reaffirms Buy Rating for Wolfspeed (NYSE:WOLF)

Wolfspeed (NYSE:WOLF)‘s stock had its “buy” rating restated by equities researchers at Roth Mkm in a report issued on Tuesday, Benzinga reports. They presently have a $50.00 price target on the stock. Roth Mkm’s price target suggests a potential upside of 91.57% from the stock’s current price.

A number of other equities analysts have also recently commented on WOLF. Wells Fargo & Company restated an “equal weight” rating and set a $30.00 target price (down from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Wolfspeed from $35.00 to $30.00 and set a “hold” rating for the company in a research note on Tuesday, April 23rd. Susquehanna cut their target price on shares of Wolfspeed from $35.00 to $25.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. decreased their price target on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. Finally, Piper Sandler dropped their price target on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $41.00.

Wolfspeed Stock Performance

NYSE:WOLF opened at $26.10 on Tuesday. Wolfspeed has a fifty-two week low of $21.85 and a fifty-two week high of $70.42. The company has a debt-to-equity ratio of 4.50, a quick ratio of 4.58 and a current ratio of 5.13. The company has a 50 day moving average price of $26.60 and a 200 day moving average price of $32.22. The stock has a market capitalization of $3.28 billion, a P/E ratio of -4.29 and a beta of 1.66.

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

Insider Activity at Wolfspeed

In other Wolfspeed news, Director Darren R. Jackson purchased 10,000 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was bought at an average cost of $25.80 per share, with a total value of $258,000.00. Following the acquisition, the director now directly owns 49,021 shares of the company’s stock, valued at $1,264,741.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.85% of the stock is currently owned by corporate insiders.

Institutional Trading of Wolfspeed

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WOLF. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Wolfspeed by 20.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 128,099 shares of the company’s stock worth $3,779,000 after purchasing an additional 22,075 shares during the last quarter. Retirement Systems of Alabama grew its stake in Wolfspeed by 0.4% during the 1st quarter. Retirement Systems of Alabama now owns 238,375 shares of the company’s stock worth $7,032,000 after buying an additional 1,011 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in Wolfspeed by 6.3% during the 1st quarter. Commonwealth Equity Services LLC now owns 35,534 shares of the company’s stock worth $1,048,000 after buying an additional 2,116 shares during the last quarter. Principal Financial Group Inc. increased its position in Wolfspeed by 2.9% during the first quarter. Principal Financial Group Inc. now owns 473,571 shares of the company’s stock worth $13,970,000 after buying an additional 13,537 shares during the period. Finally, New York State Teachers Retirement System boosted its holdings in shares of Wolfspeed by 0.3% in the first quarter. New York State Teachers Retirement System now owns 143,499 shares of the company’s stock valued at $4,233,000 after acquiring an additional 500 shares during the period.

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.