Wolfspeed (NYSE:WOLF) Downgraded by William Blair to “Market Perform”

Wolfspeed (NYSE:WOLF) was downgraded by analysts at William Blair from an “outperform” rating to a “market perform” rating in a note issued to investors on Thursday, FinViz reports.

WOLF has been the topic of several other reports. JPMorgan Chase & Co. lowered their price target on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a research report on Thursday, April 11th. Wells Fargo & Company reissued an “equal weight” rating and set a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. Deutsche Bank Aktiengesellschaft cut their price target on Wolfspeed from $35.00 to $30.00 and set a “hold” rating for the company in a report on Tuesday, April 23rd. Piper Sandler reduced their price target on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, February 1st. Finally, Susquehanna dropped their price objective on Wolfspeed from $35.00 to $25.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $39.33.

Wolfspeed Trading Down 3.4 %

Shares of Wolfspeed stock opened at $26.10 on Thursday. The company has a current ratio of 5.13, a quick ratio of 4.58 and a debt-to-equity ratio of 4.50. The stock has a fifty day simple moving average of $26.60 and a 200 day simple moving average of $32.22. Wolfspeed has a 12-month low of $21.85 and a 12-month high of $70.42. The company has a market capitalization of $3.28 billion, a P/E ratio of -4.29 and a beta of 1.64.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.10. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. The business had revenue of $208.40 million for the quarter, compared to analyst estimates of $205.94 million. On average, sell-side analysts anticipate that Wolfspeed will post -3.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Wolfspeed news, Director Darren R. Jackson purchased 10,000 shares of the stock in a transaction on Friday, February 2nd. The stock was acquired at an average cost of $25.80 per share, with a total value of $258,000.00. Following the completion of the purchase, the director now directly owns 49,021 shares of the company’s stock, valued at approximately $1,264,741.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Envestnet Asset Management Inc. boosted its holdings in Wolfspeed by 234.5% in the third quarter. Envestnet Asset Management Inc. now owns 168,103 shares of the company’s stock valued at $6,405,000 after acquiring an additional 117,848 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Wolfspeed by 1.5% during the third quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock valued at $475,171,000 after buying an additional 188,236 shares during the period. Boston Partners bought a new position in Wolfspeed in the third quarter worth about $2,032,000. UBS Group AG lifted its holdings in Wolfspeed by 57.5% in the third quarter. UBS Group AG now owns 219,080 shares of the company’s stock worth $8,347,000 after buying an additional 80,011 shares during the period. Finally, UniSuper Management Pty Ltd boosted its position in Wolfspeed by 86.7% during the 3rd quarter. UniSuper Management Pty Ltd now owns 703,822 shares of the company’s stock valued at $26,816,000 after acquiring an additional 326,810 shares in the last quarter.

Wolfspeed Company Profile

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.