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

Wolfspeed, Inc. (NYSE:WOLF) has earned an average rating of “Reduce” from the six research firms that are covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $14.3333.

WOLF has been the subject of several research reports. Susquehanna decreased their target price on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, January 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. Wall Street Zen downgraded Wolfspeed from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Piper Sandler reissued an “overweight” rating and set a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. Finally, Zacks Research upgraded shares of Wolfspeed to a “hold” rating in a report on Monday, February 9th.

Wolfspeed Price Performance

Shares of NYSE WOLF opened at $16.42 on Thursday. Wolfspeed has a 1 year low of $8.05 and a 1 year high of $36.60. The stock has a market capitalization of $740.29 million and a P/E ratio of -2.33. The company’s 50-day moving average is $17.67 and its 200 day moving average is $19.25.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, January 28th. The company reported ($6.11) EPS for the quarter, missing the consensus estimate of ($0.74) by ($5.37). Wolfspeed’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.95) EPS. Research analysts anticipate that Wolfspeed will post -4 earnings per share for the current year.

Institutional Investors Weigh In On Wolfspeed

Hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. increased its stake in shares of Wolfspeed by 176.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after purchasing an additional 881,603 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake 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 worth $5,718,000 after buying an additional 906,968 shares during the last quarter. XTX Topco Ltd grew its stake in shares of Wolfspeed by 4,954.1% in the 2nd quarter. XTX Topco Ltd now owns 982,770 shares of the company’s stock worth $392,000 after buying an additional 963,325 shares during the last quarter. Panagora Asset Management Inc. increased its position in Wolfspeed by 709.4% during the 2nd quarter. Panagora Asset Management Inc. now owns 113,800 shares of the company’s stock valued at $45,000 after buying an additional 99,740 shares in the last quarter. Finally, Two Seas Capital LP bought a new position in Wolfspeed during the 2nd quarter valued at approximately $962,000.

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.