Wall Street Zen Downgrades Wolfspeed (NYSE:WOLF) to Sell

Wolfspeed (NYSE:WOLF) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.

A number of other research firms also recently issued reports on WOLF. Susquehanna dropped their price objective on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research report on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $8.83.

Wolfspeed Stock Down 6.4%

Shares of NYSE WOLF opened at $17.95 on Friday. Wolfspeed has a twelve month low of $8.05 and a twelve month high of $36.60. The firm has a market cap of $464.60 million and a PE ratio of -28.48. The business has a fifty day simple moving average of $19.22 and a two-hundred day simple moving average of $13.75.

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

Institutional Trading of Wolfspeed

Several large investors have recently bought and sold shares of the stock. Capital Research Global Investors acquired a new position in Wolfspeed during the 3rd quarter valued at approximately $79,426,000. Two Seas Capital LP purchased a new stake in shares of Wolfspeed during the second quarter valued at $962,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of 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 valued at $5,718,000 after acquiring an additional 906,968 shares during the period. Goldman Sachs Group Inc. raised its stake in Wolfspeed by 176.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after acquiring an additional 881,603 shares during the last quarter. Finally, GMT Capital Corp grew its stake in Wolfspeed by 42.9% during the 2nd quarter. GMT Capital Corp now owns 1,211,332 shares of the company’s stock valued at $483,000 after purchasing an additional 363,784 shares during the last quarter.

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.