Wolfspeed (NYSE:WOLF) Sets New 12-Month Low on Analyst Downgrade

Wolfspeed, Inc. (NYSE:WOLF)’s stock price reached a new 52-week low during trading on Thursday after Citigroup lowered their price target on the stock from $29.00 to $25.00. Citigroup currently has a neutral rating on the stock. Wolfspeed traded as low as $21.62 and last traded at $22.03, with a volume of 2661934 shares traded. The stock had previously closed at $26.11.

WOLF has been the subject of a number of other reports. Canaccord Genuity Group lowered their target price on Wolfspeed from $50.00 to $47.00 and set a “buy” rating for the company in a report on Thursday. Piper Sandler lowered their price objective 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. Mizuho decreased their price target on shares of Wolfspeed from $30.00 to $27.00 and set a “neutral” rating for the company in a research report on Thursday. Roth Mkm restated a “buy” rating and issued a $50.00 price target on shares of Wolfspeed in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Wolfspeed from $35.00 to $30.00 and set a “hold” rating on the stock in a research note on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $37.27.

Institutional Investors Weigh In On Wolfspeed

Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new position in Wolfspeed in the fourth quarter valued at approximately $308,701,000. FengHe Fund Management Pte. Ltd. lifted its position in shares of Wolfspeed by 438.9% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock worth $62,272,000 after buying an additional 1,165,600 shares during the last quarter. JANA Partners Management LP acquired a new position in shares of Wolfspeed in the 3rd quarter valued at $35,662,000. Cibc World Markets Corp acquired a new position in shares of Wolfspeed in the 4th quarter valued at $34,808,000. Finally, Polar Capital Holdings Plc purchased a new position in shares of Wolfspeed in the 3rd quarter valued at $16,200,000.

Wolfspeed Price Performance

The company has a current ratio of 5.13, a quick ratio of 4.58 and a debt-to-equity ratio of 4.50. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of -3.90 and a beta of 1.64. The company’s 50 day moving average is $26.58 and its 200 day moving average is $32.11.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.10. The business had revenue of $208.40 million for the quarter, compared to analysts’ expectations of $205.94 million. Wolfspeed had a negative return on equity of 25.75% and a negative net margin of 96.12%. Research analysts anticipate that Wolfspeed, Inc. will post -3.05 EPS for the current fiscal year.

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.