Susquehanna Issues Pessimistic Forecast for Wolfspeed (NYSE:WOLF) Stock Price

Wolfspeed (NYSE:WOLF) had its price target reduced by equities researchers at Susquehanna from $30.00 to $20.00 in a research report issued to clients and investors on Thursday, MarketBeat.com reports. The firm currently has a “neutral” rating on the stock. Susquehanna’s target price suggests a potential upside of 11.45% from the company’s current price.

A number of other research analysts have also commented on the company. Wall Street Zen upgraded Wolfspeed to a “hold” rating in a report on Saturday, November 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research note on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, Wolfspeed currently has an average rating of “Reduce” and a consensus price target of $8.83.

Wolfspeed Price Performance

WOLF stock opened at $17.95 on Thursday. The stock has a market capitalization of $464.60 million and a price-to-earnings ratio of -28.48. The company has a 50-day moving average of $19.22 and a two-hundred day moving average of $13.75. Wolfspeed has a 52-week low of $8.05 and a 52-week high of $36.60.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, October 29th. The company reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.68) by $0.05. The business had revenue of $196.80 million for the quarter, compared to analyst estimates of $195.37 million. Equities analysts expect that Wolfspeed will post -4 EPS for the current fiscal year.

Institutional Trading of Wolfspeed

Institutional investors have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale acquired a new stake in Wolfspeed during the second quarter valued at approximately $28,000. Canada Pension Plan Investment Board acquired a new position in shares of Wolfspeed in the 2nd quarter worth approximately $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Wolfspeed during the 2nd quarter worth approximately $34,000. State of Alaska Department of Revenue boosted its stake in Wolfspeed by 15.4% in the 2nd quarter. State of Alaska Department of Revenue now owns 99,465 shares of the company’s stock valued at $38,000 after buying an additional 13,265 shares in the last quarter. Finally, Praxis Investment Management Inc. acquired a new stake in Wolfspeed in the 2nd quarter valued at $41,000.

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.