Wolfspeed, Inc. (NYSE:WOLF) Receives $10.50 Consensus PT from Analysts

Shares of Wolfspeed, Inc. (NYSE:WOLF) have received an average recommendation of “Reduce” from the eight brokerages that are covering the firm, Marketbeat.com reports. Four analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $10.50.

Several research firms recently weighed in on WOLF. Wall Street Zen raised Wolfspeed to a “hold” rating in a research note on Saturday, November 22nd. Susquehanna raised their price target on shares of Wolfspeed to $30.00 and gave the company a “neutral” rating in a research note on Wednesday, October 22nd. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Wolfspeed in a research report on Saturday, September 27th.

Wolfspeed Trading Down 0.0%

NYSE WOLF opened at $18.34 on Tuesday. The firm’s 50 day simple moving average is $21.64 and its 200 day simple moving average is $11.14. The firm has a market capitalization of $474.72 million and a price-to-earnings ratio of -29.10. Wolfspeed has a 1 year low of $8.05 and a 1 year high of $36.60.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. DekaBank Deutsche Girozentrale acquired a new stake in shares of Wolfspeed during the 2nd quarter valued at $28,000. Caitlin John LLC bought a new position in Wolfspeed in the second quarter valued at about $31,000. MAI Capital Management boosted its stake in shares of Wolfspeed by 894.9% during the first quarter. MAI Capital Management now owns 10,815 shares of the company’s stock valued at $33,000 after purchasing an additional 9,728 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Wolfspeed during the second quarter valued at about $34,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Wolfspeed during the second quarter worth about $34,000.

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.