Wolfspeed, Inc. (NYSE:WOLF) Receives Average Recommendation of “Reduce” from Brokerages

Shares of Wolfspeed, Inc. (NYSE:WOLF) have been assigned a consensus recommendation of “Reduce” from the six brokerages that are presently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $14.3333.

A number of research firms recently commented on WOLF. Zacks Research upgraded shares of Wolfspeed to a “hold” rating in a report on Monday, February 9th. Susquehanna decreased their price objective on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, January 22nd. Piper Sandler reaffirmed an “overweight” rating and set a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th. Finally, Wall Street Zen cut Wolfspeed from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th.

Institutional Investors Weigh In On Wolfspeed

Large investors have recently made changes to their positions in the business. Yaupon Capital Management LP purchased a new position in shares of Wolfspeed during the fourth quarter valued at approximately $7,834,000. Summit Securities Group LLC lifted its stake in Wolfspeed by 71.0% in the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after acquiring an additional 915 shares during the period. Cinctive Capital Management LP bought a new stake in Wolfspeed in the fourth quarter valued at $176,000. Ardsley Advisory Partners LP bought a new stake in Wolfspeed in the fourth quarter valued at $2,873,000. Finally, Renesas Electronics America Inc. purchased a new position in Wolfspeed during the 4th quarter valued at $293,400,000.

Wolfspeed Price Performance

WOLF opened at $16.42 on Thursday. The stock’s 50 day simple moving average is $17.67 and its 200 day simple moving average is $19.25. The firm has a market cap of $740.29 million and a price-to-earnings ratio of -2.33. Wolfspeed has a 1 year low of $8.05 and a 1 year high of $36.60.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, January 28th. The company reported ($6.11) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($5.37). During the same quarter in the previous year, the company posted ($0.95) earnings per share. The business’s revenue was down 6.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Wolfspeed will post -4 EPS for the current year.

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.