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

Wolfspeed, Inc. (NYSE:WOLF) has been given an average recommendation of “Reduce” by the eight brokerages that are covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a sell recommendation, one has given a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $10.50.

WOLF has been the topic of a number of research analyst reports. Susquehanna boosted their price objective on shares of Wolfspeed to $30.00 and gave the company a “neutral” rating in a research report on Wednesday, October 22nd. Wall Street Zen upgraded shares of Wolfspeed to a “hold” rating in a research note on Saturday, November 22nd. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Wolfspeed in a research report on Saturday, September 27th.

Wolfspeed Trading Up 0.3%

Shares of Wolfspeed stock opened at $18.43 on Tuesday. Wolfspeed has a 1 year low of $8.05 and a 1 year high of $36.60. The company has a market cap of $477.15 million and a P/E ratio of -29.25. The stock has a 50-day moving average price of $22.49 and a 200 day moving average price of $10.92.

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

Institutional Trading of Wolfspeed

A number of institutional investors have recently bought and sold shares of WOLF. Caitong International Asset Management Co. Ltd purchased a new position in Wolfspeed in the third quarter valued at about $8,560,000. Polymer Capital Management HK LTD purchased a new stake in shares of Wolfspeed during the 3rd quarter worth about $582,000. Qube Research & Technologies Ltd acquired a new stake in shares of Wolfspeed during the 3rd quarter valued at about $4,322,000. Militia Capital Partners LP bought a new stake in shares of Wolfspeed in the 3rd quarter valued at approximately $744,000. Finally, Anson Funds Management LP bought a new stake in shares of Wolfspeed in the 3rd quarter valued at approximately $1,235,000.

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.