Wells Fargo & Company raises Wolfspeed (NYSE:WOLF) price target to $125.00


Wolfspeed (NYSE:WOLF – Get a Rating) saw its target price raised by Wells Fargo & Company equity research analysts from $100.00 to $125.00 in a research report released Thursday, reports The Fly. Wells Fargo & Company’s target price indicates upside potential of 13.77% from the company’s previous close.

A number of other brokerages have also published reports on WOLF. Oppenheimer upgraded Wolfspeed shares to an “outperform” rating and set a $105.00 price target for the company in a Thursday, June 2 research note. Bank of America lowered its target price on Wolfspeed shares from $95.00 to $75.00 and set an “underperforming” rating for the company in a Wednesday, June 29 research note. Piper Sandler lowered her target price on Wolfspeed shares from $160.00 to $130.00 in a Thursday, May 5 research note. JPMorgan Chase & Co. lowered its price target on Wolfspeed shares from $105.00 to $80.00 and set a “neutral” rating for the company in a Thursday, July 14 research note. Finally, Citigroup raised its price target on Wolfspeed shares from $95.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday. Two analysts have assigned the stock a sell rating, four have issued a hold rating and eleven have assigned the company a buy rating. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $118.75.

Wolfspeed trades down 2.7%

NYSE WOLF opened at $109.87 on Thursday. The company’s fifty-day simple moving average is $82.96 and its 200-day simple moving average is $74.04. Wolfspeed has a 52-week low of $58.07 and a 52-week high of $142.33. The company has a current ratio of 5.70, a quick ratio of 5.02 and a debt ratio of 0.43. The stock has a market capitalization of $13.58 billion, a P/E ratio of -64.63 and a beta of 1.72.

Wolfspeed (NYSE:WOLF – Get Rating) last released its quarterly results on Wednesday, August 17. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analyst consensus estimates of ($0.10) by $0.08. The company posted revenue of $228.50 million in the quarter, compared to analyst estimates of $207.58 million. Wolfspeed had a negative net margin of 26.92% and a negative return on equity of 5.02%. The company’s revenues increased by 56.7% compared to the same quarter last year. In the same quarter of the previous year, the company made ($0.34) earnings per share. Equity research analysts expect Wolfspeed to post -0.52 EPS for the current fiscal year.

Insider buying and selling

In related news, director John B. Replogle acquired 7,463 shares of Wolfspeed in a transaction that took place on Monday, May 23. The shares were acquired at an average price of $67.65 per share, with a total value of $504,871.95. Following the completion of the acquisition, the director now directly owns 68,235 shares of the company, valued at approximately $4,616,097.75. The acquisition was disclosed in a filing with the SEC, accessible via this hyperlink. In other Wolfspeed news, Director Glenda Dorchak sold 1,000 shares of the company in a trade dated Thursday, June 2. The shares were sold at an average price of $75.79, for a total value of $75,790.00. Following the completion of the sale, the director now directly owns 7,591 shares of the company, valued at approximately $575,321.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. Additionally, director John B. Replogle purchased 7,463 shares of the company in a transaction on Monday, May 23. The shares were acquired at an average cost of $67.65 per share, with a total value of $504,871.95. Following the completion of the acquisition, the administrator now directly owns 68,235 shares of the company, valued at approximately $4,616,097.75. Disclosure of this purchase can be found here. Company insiders own 0.61% of the company’s shares.

Institutional investors weigh in on Wolfspeed

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Thrivent Financial for Lutherans increased its stake in Wolfspeed by 622.7% in Q2. Thrivent Financial for Lutherans now owns 233,365 shares of the company valued at $14,807,000 after acquiring an additional 201,074 shares in the last quarter. Woodline Partners LP increased its stake in Wolfspeed by 265.7% in the second quarter. Woodline Partners LP now owns 180,823 shares of the company valued at $11,473,000 after acquiring an additional 131,375 shares in the last quarter. Matrix Capital Management Company LP acquired a new stake in Wolfspeed during Q2 worth approximately $6,345,000. Driehaus Capital Management LLC increased its stake in Wolfspeed by 109.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 84,635 shares of the company worth $5,370,000 after purchasing an additional 44,276 shares during the period. Finally, Amalgamated Bank increased its stake in Wolfspeed by 1.1% during the 1st quarter. Amalgamated Bank now owns 84,090 shares of the company worth $9,574,000 after purchasing an additional 954 shares during the period. 98.56% of the shares are held by institutional investors and hedge funds.

About Wolfspeed

(Get a rating)

Wolfspeed, Inc provides silicon carbide and gallium nitride (GaN) materials, power devices, and radio frequency (RF) devices based on wide bandgap semiconductor materials and silicon. The Company’s silicon carbide and GaN materials include bare silicon carbide wafers, epitaxial wafers and epitaxial layers of GaN on silicon carbide wafers.

Read more

The Fly logo

Analyst recommendations for Wolfspeed (NYSE: WOLF)



Get news and reviews for Wolfspeed Daily – Enter your email address below to receive a concise daily summary of breaking news and analyst ratings for Wolfspeed and related companies with MarketBeat.com’s free daily email newsletter.