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

Wolfspeed, Inc. (NYSE:WOLF) has received an average recommendation of “Reduce” from the eight brokerages that are presently covering the firm, Marketbeat reports. Four equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $10.50.

WOLF has been the subject of several research reports. Wall Street Zen raised Wolfspeed to a “hold” rating in a research note on Saturday, November 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research report on Monday, December 29th. Finally, Susquehanna boosted their price objective on Wolfspeed to $30.00 and gave the stock a “neutral” rating in a report on Wednesday, October 22nd.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently bought and sold shares of WOLF. Andar Capital Management HK Ltd acquired a new stake in Wolfspeed during the 3rd quarter worth $48,000. Eastern Bank bought a new position in shares of Wolfspeed in the 4th quarter worth $46,000. Polymer Capital Management HK LTD bought a new position in shares of Wolfspeed in the 3rd quarter worth $582,000. Mariner Investment Group LLC acquired a new stake in shares of Wolfspeed during the third quarter worth $715,000. Finally, Schonfeld Strategic Advisors LLC bought a new stake in Wolfspeed in the third quarter valued at about $735,000.

Wolfspeed Trading Up 2.7%

Shares of WOLF stock opened at $20.46 on Friday. Wolfspeed has a 1 year low of $8.05 and a 1 year high of $36.60. The firm’s 50 day moving average is $19.08 and its 200-day moving average is $13.11. The firm has a market capitalization of $529.71 million and a price-to-earnings ratio of -32.48.

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

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.