Wolfspeed (NYSE:WOLF) Upgraded at Zacks Research

Zacks Research upgraded shares of Wolfspeed (NYSE:WOLF) to a hold rating in a research note released on Monday,Zacks.com reports.

A number of other equities analysts also recently issued reports on WOLF. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research note on Monday, December 29th. Wall Street Zen lowered Wolfspeed from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 price target (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Finally, Susquehanna decreased their price objective on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a report on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $12.75.

Wolfspeed Stock Performance

NYSE WOLF opened at $18.03 on Monday. The stock has a market cap of $466.77 million and a P/E ratio of -28.62. Wolfspeed has a fifty-two week low of $8.05 and a fifty-two week high of $36.60. The stock has a 50 day simple moving average of $18.50 and a two-hundred day simple moving average of $15.20.

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

Institutional Investors Weigh In On Wolfspeed

Several hedge funds have recently modified their holdings of the business. DekaBank Deutsche Girozentrale acquired a new position in Wolfspeed during the 2nd quarter valued at about $28,000. Canada Pension Plan Investment Board purchased a new stake in shares of Wolfspeed during the second quarter worth about $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Wolfspeed during the second quarter valued at about $34,000. Praxis Investment Management Inc. purchased a new position in shares of Wolfspeed in the 2nd quarter valued at approximately $41,000. Finally, Marex Group plc acquired a new stake in Wolfspeed in the 2nd quarter worth approximately $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.