Susquehanna Lowers Wolfspeed (NYSE:WOLF) Price Target to $30.00

Wolfspeed (NYSE:WOLF) had its target price dropped by investment analysts at Susquehanna from $40.00 to $30.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Susquehanna’s target price points to a potential upside of 2.44% from the stock’s previous close.

WOLF has been the subject of several other research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 18th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $25.00.

Wolfspeed Stock Performance

NYSE:WOLF opened at $29.29 on Tuesday. The firm has a market capitalization of $1.52 billion and a price-to-earnings ratio of -2.77. Wolfspeed has a 52-week low of $8.05 and a 52-week high of $80.82. The stock has a fifty day moving average of $49.38 and a 200 day moving average of $31.50.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Tuesday, May 5th. The company reported ($3.26) EPS for the quarter, topping the consensus estimate of ($3.78) by $0.52. The business had revenue of $150.20 million for the quarter, compared to analysts’ expectations of $150.00 million. During the same quarter in the previous year, the firm earned ($0.72) earnings per share. Wolfspeed’s quarterly revenue was down 19.0% compared to the same quarter last year.

Hedge Funds Weigh In On Wolfspeed

Several institutional investors have recently modified their holdings of WOLF. Renesas Electronics America Inc. bought a new position in Wolfspeed during the fourth quarter valued at approximately $293,400,000. UBS Group AG raised its stake in shares of Wolfspeed by 3,413.9% during the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock worth $22,103,000 after acquiring an additional 1,233,419 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Wolfspeed by 94.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock worth $5,718,000 after acquiring an additional 906,968 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Wolfspeed by 176.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after acquiring an additional 881,603 shares during the last quarter. Finally, Calamos Advisors LLC bought a new stake in shares of Wolfspeed in the 4th quarter worth approximately $12,451,000.

About Wolfspeed

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.