Wolfspeed (NYSE:WOLF) Price Target Cut to $6.00 by Analysts at Piper Sandler

Wolfspeed (NYSE:WOLF) had its price objective reduced by Piper Sandler from $10.00 to $6.00 in a research report sent to investors on Friday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Several other analysts have also recently commented on WOLF. Susquehanna dropped their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, January 22nd. Citigroup reaffirmed a “sell” rating and set a $3.00 target price (down previously from $7.00) on shares of Wolfspeed in a report on Friday. Bank of America decreased their price target on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a research note on Thursday, January 30th. Canaccord Genuity Group dropped their price objective on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. reissued an “underweight” rating on shares of Wolfspeed in a research note on Friday. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Wolfspeed has an average rating of “Hold” and a consensus price target of $11.15.

Wolfspeed Trading Down 26.2 %

WOLF stock opened at $3.27 on Friday. Wolfspeed has a 12-month low of $2.06 and a 12-month high of $30.86. The business’s 50-day moving average is $3.87 and its 200 day moving average is $6.52. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26. The stock has a market cap of $417.62 million, a price-to-earnings ratio of -0.43 and a beta of 1.62.

Insider Activity

In other news, CFO Neill Reynolds sold 13,909 shares of the business’s stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $3.99, for a total value of $55,496.91. Following the sale, the chief financial officer now directly owns 195,257 shares of the company’s stock, valued at approximately $779,075.43. The trade was a 6.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.84% of the company’s stock.

Institutional Trading of Wolfspeed

Institutional investors have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp boosted its position 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 worth $26,000 after buying an additional 3,548 shares during the period. R Squared Ltd purchased a new position in Wolfspeed during the 4th quarter valued at about $28,000. N.E.W. Advisory Services LLC acquired a new position in Wolfspeed in the 1st quarter valued at about $28,000. Steward Partners Investment Advisory LLC increased its stake in Wolfspeed by 192.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock worth $29,000 after purchasing an additional 2,912 shares during the period. Finally, Beacon Capital Management LLC acquired a new stake in shares of Wolfspeed during the first quarter worth about $31,000.

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.