Wolfspeed, Inc. (NYSE:WOLF) Given Average Rating of “Reduce” by Analysts

Shares of Wolfspeed, Inc. (NYSE:WOLF) have received a consensus rating of “Reduce” from the eight analysts that are presently covering the company, MarketBeat reports. Four investment analysts have rated the stock with a sell recommendation, one has given a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $10.50.

WOLF has been the subject of a number of recent research reports. Wall Street Zen upgraded Wolfspeed to a “hold” rating in a research report on Saturday, November 22nd. Susquehanna boosted their target price on Wolfspeed to $30.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 22nd. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Wolfspeed in a report on Saturday, September 27th.

Wolfspeed Trading Up 0.3%

NYSE:WOLF opened at $18.43 on Tuesday. Wolfspeed has a twelve month low of $8.05 and a twelve month high of $36.60. The company has a 50-day moving average of $22.49 and a 200-day moving average of $10.92. The firm has a market cap of $477.15 million and a price-to-earnings ratio of -29.25.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, October 29th. The company reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.05. The business had revenue of $196.80 million during the quarter, compared to the consensus estimate of $195.37 million. On average, research analysts forecast that Wolfspeed will post -4 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Wolfspeed during the third quarter valued at approximately $8,560,000. Polymer Capital Management HK LTD acquired a new position in Wolfspeed in the 3rd quarter worth approximately $582,000. Qube Research & Technologies Ltd purchased a new position in Wolfspeed during the 3rd quarter worth approximately $4,322,000. Militia Capital Partners LP acquired a new stake in Wolfspeed during the 3rd quarter valued at $744,000. Finally, Anson Funds Management LP acquired a new stake in Wolfspeed during the 3rd quarter valued at $1,235,000.

About Wolfspeed

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.