Wolfspeed’s (WOLF) “Buy” Rating Reaffirmed at Roth Mkm

Wolfspeed (NYSE:WOLF)‘s stock had its “buy” rating reissued by Roth Mkm in a research report issued on Tuesday, Benzinga reports. They presently have a $50.00 target price on the stock. Roth Mkm’s price target would suggest a potential upside of 79.47% from the company’s current price.

WOLF has been the topic of a number of other research reports. Wells Fargo & Company reiterated an “equal weight” rating and issued a $30.00 price objective (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. Mizuho assumed coverage on Wolfspeed in a report on Friday, April 5th. They issued a “neutral” rating and a $30.00 price target for the company. JPMorgan Chase & Co. dropped their price objective on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday, April 11th. Piper Sandler cut their target price on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, February 1st. Finally, Susquehanna reduced their price target on shares of Wolfspeed from $35.00 to $25.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Wolfspeed has an average rating of “Hold” and an average price target of $41.00.

Wolfspeed Stock Up 6.1 %

Shares of Wolfspeed stock opened at $27.86 on Tuesday. Wolfspeed has a twelve month low of $21.85 and a twelve month high of $70.42. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of -4.58 and a beta of 1.66. 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 company has a fifty day moving average price of $26.57 and a 200 day moving average price of $32.26.

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

Insider Activity at Wolfspeed

In related news, Director Darren R. Jackson acquired 10,000 shares of Wolfspeed stock in a transaction dated Friday, February 2nd. The stock was acquired at an average cost of $25.80 per share, with a total value of $258,000.00. Following the purchase, the director now directly owns 49,021 shares in the company, valued at approximately $1,264,741.80. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Wolfspeed by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 12,629,335 shares of the company’s stock valued at $549,502,000 after purchasing an additional 157,668 shares during the period. Norges Bank purchased a new position in Wolfspeed during the 4th quarter valued at about $308,701,000. Artisan Partners Limited Partnership lifted its position in shares of Wolfspeed by 15.5% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock worth $114,261,000 after purchasing an additional 352,609 shares in the last quarter. Primecap Management Co. CA boosted its holdings in shares of Wolfspeed by 1.6% during the fourth quarter. Primecap Management Co. CA now owns 1,906,494 shares of the company’s stock worth $82,952,000 after purchasing an additional 29,700 shares during the period. Finally, FengHe Fund Management Pte. Ltd. lifted its position in Wolfspeed by 438.9% in 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 in the last quarter.

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.