Canaccord Genuity Group Trims Wolfspeed (NYSE:WOLF) Target Price to $47.00

Wolfspeed (NYSE:WOLF) had its price objective lowered by Canaccord Genuity Group from $50.00 to $47.00 in a research report sent to investors on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also recently issued reports on the stock. Mizuho dropped their price target on shares of Wolfspeed from $30.00 to $27.00 and set a neutral rating on the stock in a research note on Thursday. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Wolfspeed from $35.00 to $30.00 and set a hold rating on the stock in a research note on Tuesday, April 23rd. TD Cowen lowered Wolfspeed from a buy rating to a hold rating and decreased their price objective for the company from $40.00 to $25.00 in a report on Thursday. Susquehanna decreased their price objective on Wolfspeed from $25.00 to $23.00 and set a neutral rating on the stock in a report on Thursday. Finally, JPMorgan Chase & Co. decreased 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. One 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 company. According to data from MarketBeat.com, Wolfspeed currently has an average rating of Hold and an average target price of $37.27.

Wolfspeed Stock Performance

NYSE WOLF opened at $25.33 on Thursday. The company has a current ratio of 4.58, a quick ratio of 4.58 and a debt-to-equity ratio of 5.55. Wolfspeed has a twelve month low of $20.63 and a twelve month high of $70.42. The stock has a 50-day moving average of $26.61 and a 200 day moving average of $32.02. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of -3.92 and a beta of 1.64.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.10. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. The business had revenue of $208.40 million during the quarter, compared to the consensus estimate of $205.94 million. Sell-side analysts anticipate that Wolfspeed will post -3.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of WOLF. Envestnet Asset Management Inc. increased its position in shares of Wolfspeed by 234.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 168,103 shares of the company’s stock worth $6,405,000 after purchasing an additional 117,848 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Wolfspeed by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock worth $475,171,000 after purchasing an additional 188,236 shares during the last quarter. Boston Partners acquired a new stake in shares of Wolfspeed during the 3rd quarter worth about $2,032,000. UBS Group AG increased its position in shares of Wolfspeed by 57.5% during the 3rd quarter. UBS Group AG now owns 219,080 shares of the company’s stock worth $8,347,000 after purchasing an additional 80,011 shares during the last quarter. Finally, UniSuper Management Pty Ltd increased its position in shares of Wolfspeed by 86.7% during the 3rd quarter. UniSuper Management Pty Ltd now owns 703,822 shares of the company’s stock worth $26,816,000 after purchasing an additional 326,810 shares during the last quarter.

About Wolfspeed

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.