Wolfspeed (NYSE:WOLF) Rating Lowered to Hold at TD Cowen

TD Cowen downgraded shares of Wolfspeed (NYSE:WOLF) from a buy rating to a hold rating in a report published on Thursday morning, Marketbeat.com reports. The firm currently has $25.00 price objective on the stock, down from their prior price objective of $40.00.

WOLF has been the topic of several other research reports. JPMorgan Chase & Co. lowered their target price on shares of Wolfspeed from $43.00 to $35.00 and set a neutral rating on the stock in a report on Thursday, April 11th. Mizuho started coverage on shares of Wolfspeed in a report on Friday, April 5th. They issued a neutral rating and a $30.00 target price on the stock. William Blair downgraded shares of Wolfspeed from an outperform rating to a market perform rating in a report on Thursday. Roth Mkm reissued a buy rating and issued a $50.00 target price on shares of Wolfspeed in a report on Tuesday, April 30th. Finally, Wells Fargo & Company reissued an equal weight rating and issued a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $37.27.

Wolfspeed Stock Performance

WOLF opened at $25.33 on Thursday. The firm has a market cap of $3.19 billion, a P/E ratio of -3.92 and a beta of 1.64. Wolfspeed has a 1-year low of $20.63 and a 1-year high of $70.42. The company has a 50 day simple moving average of $26.61 and a two-hundred day simple moving average of $32.02. The company has a debt-to-equity ratio of 5.55, a current ratio of 4.58 and a quick ratio of 4.58.

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

Institutional Trading of Wolfspeed

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Iridian Asset Management LLC CT grew its stake in shares of Wolfspeed by 10.6% during the first quarter. Iridian Asset Management LLC CT now owns 118,274 shares of the company’s stock valued at $3,489,000 after buying an additional 11,380 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Wolfspeed by 20.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 128,099 shares of the company’s stock valued at $3,779,000 after acquiring an additional 22,075 shares during the period. Retirement Systems of Alabama lifted its position in shares of Wolfspeed by 0.4% during the first quarter. Retirement Systems of Alabama now owns 238,375 shares of the company’s stock worth $7,032,000 after purchasing an additional 1,011 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in shares of Wolfspeed by 6.3% during the first quarter. Commonwealth Equity Services LLC now owns 35,534 shares of the company’s stock worth $1,048,000 after purchasing an additional 2,116 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of Wolfspeed by 2.9% during the first quarter. Principal Financial Group Inc. now owns 473,571 shares of the company’s stock valued at $13,970,000 after purchasing an additional 13,537 shares during the period.

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.