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

Wolfspeed, Inc. (NYSE:WOLF) has been assigned a consensus recommendation of “Reduce” from the six brokerages that are covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $12.75.

WOLF has been the subject of several research reports. Piper Sandler reaffirmed an “overweight” rating and set a $20.00 price target (up previously from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research note on Monday, December 29th. Susquehanna decreased their price target on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday, January 22nd. Finally, Wall Street Zen cut shares of Wolfspeed from a “hold” rating to a “sell” rating in a report on Saturday.

Wolfspeed Price Performance

WOLF opened at $15.78 on Wednesday. The company has a market capitalization of $408.54 million and a price-to-earnings ratio of -25.05. The business’s 50-day moving average price is $18.58 and its two-hundred day moving average price is $15.18. Wolfspeed has a 1 year low of $8.05 and a 1 year high of $36.60.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, February 4th. The company reported ($6.11) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($5.37). The firm had revenue of $168.50 million for the quarter, compared to the consensus estimate of $170.00 million. The firm’s quarterly revenue was down 6.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.95) earnings per share. Sell-side analysts anticipate that Wolfspeed will post -4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

Institutional investors have recently made changes to their positions in the stock. DekaBank Deutsche Girozentrale acquired a new position in shares of Wolfspeed during the 2nd quarter worth $28,000. Canada Pension Plan Investment Board bought a new position in Wolfspeed in the second quarter valued at about $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Wolfspeed in the second quarter valued at about $34,000. Praxis Investment Management Inc. acquired a new position in Wolfspeed during the second quarter worth about $41,000. Finally, Marex Group plc bought a new position in shares of Wolfspeed in the second quarter worth about $44,000.

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.