Wolfspeed (NYSE:WOLF) Lowered to Sell Rating by Wall Street Zen

Wolfspeed (NYSE:WOLF) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

WOLF has been the topic of a number of other reports. Susquehanna reduced their price objective 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research report on Monday, December 29th. Finally, Piper Sandler reissued an “overweight” rating and issued a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a report on Thursday. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Wolfspeed has an average rating of “Reduce” and an average price target of $12.75.

Wolfspeed Stock Up 1.4%

Shares of NYSE WOLF opened at $15.74 on Friday. Wolfspeed has a fifty-two week low of $8.05 and a fifty-two week high of $36.60. The business has a 50 day moving average price of $18.83 and a two-hundred day moving average price of $14.80. The firm has a market cap of $407.51 million and a PE ratio of -24.98.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, February 4th. The company reported ($6.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.74) by ($5.37). The business 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 quarter last year, the firm posted ($0.95) earnings per share. On average, analysts anticipate that Wolfspeed will post -4 earnings per share for the current year.

Hedge Funds Weigh In On Wolfspeed

Several institutional investors have recently made changes to their positions in WOLF. Capital Research Global Investors acquired a new stake in shares of Wolfspeed during the 3rd quarter worth approximately $79,426,000. Two Seas Capital LP bought a new position in Wolfspeed during the 2nd quarter worth $962,000. UBS Group AG increased its position in Wolfspeed by 3,413.9% in the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock worth $22,103,000 after buying an additional 1,233,419 shares during the period. XTX Topco Ltd lifted its stake in Wolfspeed by 4,954.1% in the second quarter. XTX Topco Ltd now owns 982,770 shares of the company’s stock valued at $392,000 after buying an additional 963,325 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Wolfspeed by 94.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock valued at $5,718,000 after acquiring an additional 906,968 shares during the period.

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.