Wolfspeed (NYSE:WOLF) Upgraded by Zacks Research to “Hold” Rating

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

A number of other equities analysts have also issued reports on WOLF. Piper Sandler reiterated an “overweight” rating and issued a $20.00 target price (up previously from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. Wall Street Zen downgraded Wolfspeed from a “hold” rating to a “sell” rating in a report on Saturday. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research note on Monday, December 29th. Finally, Susquehanna dropped their target price 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. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $12.75.

Wolfspeed Stock Performance

Shares of WOLF opened at $16.02 on Monday. The company has a market capitalization of $414.78 million and a P/E ratio of -25.46. The stock has a 50-day moving average price of $18.58 and a 200 day moving average price of $15.18. Wolfspeed has a one year low of $8.05 and a one year high of $36.60.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, February 4th. The company reported ($6.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($5.37). The business had revenue of $168.50 million during the quarter, compared to analysts’ expectations of $170.00 million. The firm’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.95) EPS. As a group, equities research analysts forecast that Wolfspeed will post -4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

Institutional investors and hedge funds have recently modified their holdings of the business. DekaBank Deutsche Girozentrale bought a new position in Wolfspeed during the second quarter valued at about $28,000. Canada Pension Plan Investment Board acquired a new position in Wolfspeed during the 2nd quarter worth $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Wolfspeed during the 2nd quarter worth $34,000. Praxis Investment Management Inc. bought a new stake in Wolfspeed during the second quarter valued at about $41,000. Finally, Marex Group plc acquired a new stake in shares of Wolfspeed in the second quarter valued at about $44,000.

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.