Citigroup Cuts Wolfspeed (NYSE:WOLF) Price Target to $25.00

Wolfspeed (NYSE:WOLF) had its price objective reduced by Citigroup from $29.00 to $25.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a neutral rating on the stock.

WOLF has been the subject of a number of other research reports. Susquehanna dropped their price target on shares of Wolfspeed from $25.00 to $23.00 and set a neutral rating for the company in a research note on Thursday. Canaccord Genuity Group dropped their target price on shares of Wolfspeed from $50.00 to $47.00 and set a buy rating for the company in a research report on Thursday. TD Cowen lowered shares of Wolfspeed from a buy rating to a hold rating and cut their target price for the company from $40.00 to $25.00 in a research note on Thursday. William Blair downgraded Wolfspeed from an outperform rating to a market perform rating in a research note on Thursday. Finally, Roth Mkm reissued a buy rating and issued a $50.00 price objective on shares of Wolfspeed in a report on Tuesday, April 30th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Wolfspeed has a consensus rating of Hold and a consensus target price of $37.27.

Wolfspeed Price Performance

Shares of NYSE WOLF opened at $25.33 on Thursday. The company has a quick ratio of 4.58, a current ratio of 4.58 and a debt-to-equity ratio of 5.55. Wolfspeed has a fifty-two week low of $20.63 and a fifty-two week high of $70.42. The business has a 50 day moving average price of $26.61 and a two-hundred day moving average price of $32.01. The firm has a market cap of $3.19 billion, a PE ratio of -3.92 and a beta of 1.64.

Institutional Investors Weigh In On Wolfspeed

Several large investors have recently added to or reduced their stakes in WOLF. Commonwealth Equity Services LLC lifted its position in Wolfspeed by 27.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 39,392 shares of the company’s stock valued at $1,501,000 after purchasing an additional 8,374 shares during the last quarter. Raymond James & Associates boosted its position in shares of Wolfspeed by 1.6% during the third quarter. Raymond James & Associates now owns 181,867 shares of the company’s stock worth $6,929,000 after buying an additional 2,943 shares during the period. Migdal Insurance & Financial Holdings Ltd. increased its position in Wolfspeed by 26.9% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,205 shares of the company’s stock valued at $83,000 after acquiring an additional 468 shares during the period. Zenyatta Capital Management LP bought a new stake in Wolfspeed during the 3rd quarter valued at $3,429,000. Finally, Perigon Wealth Management LLC boosted its position in Wolfspeed by 34.2% during the 3rd quarter. Perigon Wealth Management LLC now owns 6,194 shares of the company’s stock worth $236,000 after acquiring an additional 1,579 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.