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

Wolfspeed, Inc. (NYSE:WOLF) has been assigned a consensus rating of “Reduce” from the eight research firms that are currently covering the stock, Marketbeat reports. Four equities research analysts have rated the stock with a sell recommendation, one has given a hold recommendation and three have given a buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $10.50.

Several analysts have recently commented on WOLF shares. Susquehanna raised their price objective on shares of Wolfspeed to $30.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a report on Monday, December 29th. Finally, Wall Street Zen raised shares of Wolfspeed to a “hold” rating in a research note on Saturday, November 22nd.

Wolfspeed Trading Down 4.9%

WOLF stock opened at $19.50 on Friday. The firm has a market cap of $504.76 million and a PE ratio of -30.94. The stock has a 50-day moving average price of $19.20 and a 200-day moving average price of $13.60. Wolfspeed has a 1-year low of $8.05 and a 1-year high of $36.60.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, October 29th. The company reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.68) by $0.05. The business had revenue of $196.80 million for the quarter, compared to analyst estimates of $195.37 million. On average, analysts forecast that Wolfspeed will post -4 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital Research Global Investors bought a new stake in shares of Wolfspeed during the third quarter valued at approximately $79,426,000. Two Seas Capital LP acquired a new stake in Wolfspeed in the 2nd quarter valued at $962,000. XTX Topco Ltd grew its position in Wolfspeed by 4,954.1% in the 2nd quarter. XTX Topco Ltd now owns 982,770 shares of the company’s stock valued at $392,000 after purchasing an additional 963,325 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Wolfspeed by 94.3% during 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 valued at $5,718,000 after purchasing an additional 906,968 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Wolfspeed by 176.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after buying an additional 881,603 shares during the last quarter.

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.