Wolfspeed, Inc. (NYSE:WOLF) Receives Average Recommendation of “Hold” from Brokerages

Shares of Wolfspeed, Inc. (NYSE:WOLF) have earned an average rating of “Hold” from the sixteen research firms that are currently covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $17.36.

A number of research analysts have recently issued reports on WOLF shares. Canaccord Genuity Group reduced their price target on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft dropped their price target on Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. JPMorgan Chase & Co. reduced their price objective on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Piper Sandler restated an “overweight” rating and set a $18.00 price objective (down from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. Finally, Bank of America cut their target price on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research note on Friday, August 23rd.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Wolfspeed by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after purchasing an additional 449,732 shares in the last quarter. Primecap Management Co. CA grew its position in Wolfspeed by 5.0% in the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after buying an additional 303,870 shares during the last quarter. Two Sigma Advisers LP increased its holdings in shares of Wolfspeed by 813.6% in the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after buying an additional 2,189,500 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Wolfspeed by 14.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after acquiring an additional 147,527 shares during the last quarter. Finally, Samlyn Capital LLC raised its position in shares of Wolfspeed by 51.6% during the second quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock worth $22,968,000 after purchasing an additional 343,277 shares during the period.

Wolfspeed Stock Performance

Shares of WOLF stock opened at $6.70 on Monday. The stock has a market capitalization of $855.66 million, a price-to-earnings ratio of -1.13 and a beta of 1.46. Wolfspeed has a one year low of $6.69 and a one year high of $47.43. The company’s 50-day simple moving average is $10.81 and its 200-day simple moving average is $17.34. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. The firm had revenue of $200.70 million for the quarter, compared to the consensus estimate of $201.11 million. Equities analysts anticipate that Wolfspeed will post -4.13 earnings per share for the current fiscal year.

Wolfspeed Company Profile

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.