JPMorgan Chase & Co. Lowers Wolfspeed (NYSE:WOLF) Price Target to $17.00

Wolfspeed (NYSE:WOLF) had its target price decreased by investment analysts at JPMorgan Chase & Co. from $20.00 to $17.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 94.29% from the company’s current price.

Several other brokerages have also weighed in on WOLF. Deutsche Bank Aktiengesellschaft reduced their price objective on Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. Roth Mkm reduced their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday. Canaccord Genuity Group lowered their price target on Wolfspeed from $45.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Susquehanna decreased their price objective on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Mizuho lowered shares of Wolfspeed from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $17.00 to $8.00 in a research report on Thursday, October 3rd. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and an average target price of $17.86.

Wolfspeed Stock Down 36.2 %

NYSE:WOLF traded down $4.96 during trading hours on Thursday, reaching $8.75. The company had a trading volume of 26,271,629 shares, compared to its average volume of 6,534,489. The business’s 50-day simple moving average is $10.96 and its two-hundred day simple moving average is $18.23. Wolfspeed has a twelve month low of $7.28 and a twelve month high of $47.43. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of -1.31 and a beta of 1.46. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($1.11) EPS for the quarter, beating analysts’ consensus estimates of ($1.20) by $0.09. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. The firm had revenue of $194.70 million during the quarter, compared to analysts’ expectations of $200.11 million. On average, equities analysts expect that Wolfspeed will post -4.07 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Mather Group LLC. boosted its position in Wolfspeed by 385.5% in the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after purchasing an additional 933 shares during the last quarter. Advisors Asset Management Inc. increased its stake in shares of Wolfspeed by 64.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after purchasing an additional 691 shares in the last quarter. Signaturefd LLC raised its holdings in Wolfspeed by 284.3% in the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after purchasing an additional 1,544 shares during the period. Eastern Bank purchased a new position in Wolfspeed during the third quarter valued at $27,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in Wolfspeed during the second quarter valued at about $75,000.

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.