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

Wolfspeed (NYSE:WOLF) had its target price lowered by Citigroup from $29.00 to $25.00 in a report released on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

Other research analysts also recently issued reports about the company. JPMorgan Chase & Co. reduced their target price on Wolfspeed from $43.00 to $35.00 and set a neutral rating on the stock in a report on Thursday, April 11th. Canaccord Genuity Group reduced their price objective on Wolfspeed from $50.00 to $47.00 and set a buy rating on the stock in a research note on Thursday. Susquehanna lowered their target price on Wolfspeed from $25.00 to $23.00 and set a neutral rating for the company in a research note on Thursday. Deutsche Bank Aktiengesellschaft lowered their target price on Wolfspeed from $35.00 to $30.00 and set a hold rating for the company in a research note on Tuesday, April 23rd. Finally, William Blair lowered Wolfspeed from an outperform rating to a market perform rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $37.27.

Wolfspeed Stock Up 7.5 %

Shares of NYSE:WOLF opened at $25.33 on Thursday. The company’s fifty day moving average is $26.61 and its 200-day moving average is $32.02. The company has a debt-to-equity ratio of 5.55, a quick ratio of 4.58 and a current ratio of 4.58. Wolfspeed has a 52 week low of $20.63 and a 52 week high of $70.42. The company has a market capitalization of $3.19 billion, a PE ratio of -3.92 and a beta of 1.64.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. The firm had revenue of $208.40 million for the quarter, compared to analyst estimates of $205.94 million. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 27.37%. Equities research analysts predict that Wolfspeed will post -3.05 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wolfspeed

Hedge funds have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its holdings in Wolfspeed by 234.5% in the third quarter. Envestnet Asset Management Inc. now owns 168,103 shares of the company’s stock valued at $6,405,000 after acquiring an additional 117,848 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Wolfspeed by 1.5% in the third quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock valued at $475,171,000 after acquiring an additional 188,236 shares during the last quarter. Boston Partners bought a new position in Wolfspeed in the third quarter valued at about $2,032,000. UBS Group AG boosted its holdings in Wolfspeed by 57.5% in the third quarter. UBS Group AG now owns 219,080 shares of the company’s stock valued at $8,347,000 after acquiring an additional 80,011 shares during the last quarter. Finally, UniSuper Management Pty Ltd boosted its holdings in Wolfspeed by 86.7% in the third quarter. UniSuper Management Pty Ltd now owns 703,822 shares of the company’s stock valued at $26,816,000 after acquiring an additional 326,810 shares during 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.