Wolfspeed (NYSE:WOLF) Rating Increased to Sell at Wall Street Zen

Wolfspeed (NYSE:WOLF) was upgraded by equities researchers at Wall Street Zen from a “strong sell” rating to a “sell” rating in a report issued on Saturday.

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.00.

Wolfspeed Stock Down 3.8%

Shares of WOLF stock opened at $29.98 on Friday. The firm has a 50 day moving average of $50.91 and a 200-day moving average of $31.13. The company has a market cap of $1.56 billion and a price-to-earnings ratio of -2.84. Wolfspeed has a 52 week low of $8.05 and a 52 week high of $80.82.

Wolfspeed (NYSE:WOLF) last released its earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.78) by $0.52. The company had revenue of $150.20 million for the quarter, compared to analyst estimates of $150.00 million. The firm’s revenue was down 19.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.72) EPS.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Renesas Electronics America Inc. bought a new position in Wolfspeed in the 4th quarter valued at about $293,400,000. UBS Group AG increased its holdings in Wolfspeed by 3,413.9% during the 4th quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock worth $22,103,000 after purchasing an additional 1,233,419 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Wolfspeed by 94.3% during 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 purchasing an additional 906,968 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Wolfspeed by 176.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after purchasing an additional 881,603 shares during the last quarter. Finally, Calamos Advisors LLC purchased a new stake in shares of Wolfspeed in the fourth quarter worth approximately $12,451,000.

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.