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

Wolfspeed, Inc. (NYSE:WOLF) has earned an average recommendation of “Reduce” from the six brokerages that are currently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and two have given a buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $12.75.

A number of equities analysts recently weighed in on the stock. Susquehanna lowered their target price on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday, January 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research report on Monday, December 29th. Piper Sandler restated an “overweight” rating and set a $20.00 target price (up previously from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. Finally, Wall Street Zen cut Wolfspeed from a “hold” rating to a “sell” rating in a research note on Saturday.

Wolfspeed Price Performance

Shares of WOLF stock opened at $15.78 on Wednesday. The stock has a market capitalization of $408.54 million and a PE ratio of -25.05. The business’s 50 day simple moving average is $18.58 and its 200 day simple moving average is $15.18. Wolfspeed has a one year low of $8.05 and a one year high of $36.60.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, February 4th. The company reported ($6.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.74) by ($5.37). The firm had revenue of $168.50 million for the quarter, compared to analysts’ expectations of $170.00 million. During the same quarter in the prior year, the business earned ($0.95) EPS. The business’s revenue for the quarter was down 6.6% on a year-over-year basis. As a group, research analysts expect that Wolfspeed will post -4 earnings per share for the current year.

Hedge Funds Weigh In On Wolfspeed

Several institutional investors have recently made changes to their positions in the stock. Capital Research Global Investors bought a new stake in Wolfspeed during the 3rd quarter worth approximately $79,426,000. Two Seas Capital LP purchased a new position in shares of Wolfspeed during the second quarter valued at approximately $962,000. UBS Group AG boosted its position in shares of Wolfspeed by 3,413.9% during the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock valued at $22,103,000 after buying an additional 1,233,419 shares during the last quarter. XTX Topco Ltd grew its holdings in Wolfspeed by 4,954.1% during the second quarter. XTX Topco Ltd now owns 982,770 shares of the company’s stock worth $392,000 after buying an additional 963,325 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position 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 valued at $5,718,000 after buying an additional 906,968 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.