Wolfspeed (NYSE:WOLF) Stock Rating Upgraded by Wall Street Zen

Wolfspeed (NYSE:WOLF) was upgraded by analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research note issued on Saturday.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $20.00.

Wolfspeed Trading Up 0.3%

Shares of WOLF stock opened at $29.98 on Friday. Wolfspeed has a 1-year low of $8.05 and a 1-year high of $80.82. The company has a market capitalization of $1.56 billion and a price-to-earnings ratio of -2.84. The stock’s fifty day simple moving average is $50.91 and its 200-day simple moving average is $31.23.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.78) by $0.52. The business had revenue of $150.20 million during the quarter, compared to analysts’ expectations of $150.00 million. During the same period in the prior year, the company posted ($0.72) earnings per share. The firm’s revenue was down 19.0% on a year-over-year basis.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds have recently bought and sold shares of WOLF. Goldman Sachs Group Inc. increased its holdings in shares of Wolfspeed by 176.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after acquiring an additional 881,603 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Wolfspeed by 94.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock worth $5,718,000 after purchasing an additional 906,968 shares during the last quarter. WINTON GROUP Ltd bought a new stake in Wolfspeed during the second quarter worth approximately $47,000. Ilex Capital Partners UK LLP grew its holdings in Wolfspeed by 499.1% during the second quarter. Ilex Capital Partners UK LLP now owns 665,697 shares of the company’s stock valued at $265,000 after purchasing an additional 554,587 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Wolfspeed in the second quarter valued at approximately $34,000.

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.