Wolfspeed (NYSE:WOLF) Downgraded by Wall Street Zen to “Sell”

Wolfspeed (NYSE:WOLF) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.

Several other analysts have also recently issued reports on WOLF. Susquehanna decreased their price objective on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research note on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $8.83.

Wolfspeed Stock Down 6.4%

WOLF opened at $17.95 on Friday. The company has a market capitalization of $464.60 million and a PE ratio of -28.48. The firm has a 50-day simple moving average of $19.22 and a two-hundred day simple moving average of $13.75. Wolfspeed has a 52 week low of $8.05 and a 52 week high of $36.60.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, October 29th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.05. The firm had revenue of $196.80 million during the quarter, compared to the consensus estimate of $195.37 million. As a group, sell-side analysts expect that Wolfspeed will post -4 earnings per share for the current year.

Institutional Trading of Wolfspeed

Institutional investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue lifted its position in shares of Wolfspeed by 15.4% during the second quarter. State of Alaska Department of Revenue now owns 99,465 shares of the company’s stock worth $38,000 after purchasing an additional 13,265 shares during the last quarter. Praxis Investment Management Inc. bought a new position in shares of Wolfspeed in the second quarter worth about $41,000. Vontobel Holding Ltd. increased its stake in Wolfspeed by 73.6% in the 2nd quarter. Vontobel Holding Ltd. now owns 479,563 shares of the company’s stock worth $191,000 after buying an additional 203,341 shares during the period. Ground Swell Capital LLC purchased a new position in Wolfspeed in the 2nd quarter worth about $74,000. Finally, Two Seas Capital LP bought a new stake in Wolfspeed during the 2nd quarter valued at about $962,000.

Wolfspeed Company Profile

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.