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

Shares of Wolfspeed, Inc. (NYSE:WOLF) have received an average rating of “Reduce” from the seven research firms that are currently covering the company, Marketbeat reports. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $12.75.

WOLF has been the subject of a number of analyst reports. Zacks Research upgraded Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Susquehanna cut their price objective on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday, January 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a report on Monday, December 29th. Piper Sandler restated an “overweight” rating and set a $20.00 target price (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Finally, Wall Street Zen downgraded shares of Wolfspeed from a “hold” rating to a “sell” rating in a report on Saturday, February 7th.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of WOLF. Canada Pension Plan Investment Board purchased a new stake in Wolfspeed in the 2nd quarter worth $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Wolfspeed in the second quarter valued at about $34,000. Summit Securities Group LLC boosted its stake in shares of 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. Marex Group plc purchased a new stake in shares of Wolfspeed during the second quarter worth about $44,000. Finally, Panagora Asset Management Inc. grew its position in shares of Wolfspeed by 709.4% during the second quarter. Panagora Asset Management Inc. now owns 113,800 shares of the company’s stock worth $45,000 after purchasing an additional 99,740 shares in the last quarter.

Wolfspeed Price Performance

Shares of Wolfspeed stock opened at $16.75 on Friday. Wolfspeed has a 1-year low of $8.05 and a 1-year high of $36.60. The company’s fifty day simple moving average is $18.37 and its 200-day simple moving average is $17.86. The stock has a market capitalization of $755.21 million and a PE ratio of -2.38.

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

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.