Wolfspeed (NYSE:WOLF) Stock Price Target Lowered at TD Cowen

Wolfspeed (NYSE:WOLF) had its price target dropped by research analysts at TD Cowen from $25.00 to $23.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. TD Cowen‘s target price would suggest a potential upside of 14.49% from the company’s current price.

Other equities analysts have also issued reports about the company. Zacks Research raised Wolfspeed to a “hold” rating in a research note on Friday, September 25th. Susquehanna cut their price target on Wolfspeed from $30.00 to $25.00 and set a “neutral” rating for the company in a research note on Wednesday, October 21st. Weiss Ratings downgraded shares of Wolfspeed from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, October 23rd. Finally, Wall Street Zen lowered Wolfspeed from a “sell” rating to a “strong sell” rating in a report on Saturday, September 19th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Wolfspeed has a consensus rating of “Hold” and an average price target of $22.67.

Wolfspeed Stock Down 11.9%

NYSE WOLF traded down $2.70 on Thursday, hitting $20.09. The company’s stock had a trading volume of 5,819,643 shares, compared to its average volume of 4,262,647. The company’s 50-day moving average is $26.48 and its 200 day moving average is $30.17. The firm has a market cap of $1.06 billion, a PE ratio of -1.28 and a beta of 8.67. Wolfspeed has a 1-year low of $13.48 and a 1-year high of $80.82.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, November 4th. The company reported ($2.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.99) by ($0.04). The business had revenue of $155.00 million for the quarter, compared to analyst estimates of $149.86 million. During the same period in the previous year, the company earned ($0.55) earnings per share. The business’s revenue for the quarter was down 21.2% on a year-over-year basis. On average, equities analysts expect that Wolfspeed will post -8.27 EPS for the current year.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds have recently made changes to their positions in the stock. Penn Capital Management Company LLC increased its position in shares of Wolfspeed by 12.4% during the third quarter. Penn Capital Management Company LLC now owns 577,475 shares of the company’s stock valued at $16,270,000 after buying an additional 63,500 shares during the period. CenterBook Partners LP purchased a new position in Wolfspeed in the third quarter worth $2,990,000. Prescott Group Capital Management L.L.C. purchased a new position in shares of Wolfspeed in the 3rd quarter worth about $3,094,000. Brooklands Fund Management Ltd bought a new position in Wolfspeed during the third quarter valued at approximately $25,376,000. Finally, Apollon Wealth Management LLC purchased a new position in Wolfspeed in the 3rd quarter worth $246,000.

Wolfspeed Company Profile

Wolfspeed, Inc is a semiconductor company focused on silicon carbide (SiC) technologies. Its products are designed to support the conversion and management of electrical power in applications that require high efficiency, high voltage, and operation at elevated temperatures.

The company develops and manufactures SiC power devices, including metal-oxide-semiconductor field-effect transistors, diodes, power modules, and related components. It also produces SiC materials such as wafers and epitaxial substrates used by semiconductor manufacturers.