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

Wall Street Zen upgraded shares of Wolfspeed (NYSE:WOLF) from a strong sell rating to a sell rating in a report issued on Saturday.

A number of other analysts have also recently weighed in on WOLF. Piper Sandler restated an “overweight” rating and issued a $20.00 price target (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Susquehanna cut their price target on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday, January 22nd. Zacks Research upgraded Wolfspeed to a “hold” rating in a research note on Monday, February 9th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $20.00.

Wolfspeed Price Performance

Wolfspeed stock opened at $46.69 on Friday. Wolfspeed has a 1-year low of $8.05 and a 1-year high of $50.99. The stock has a market cap of $2.11 billion and a PE ratio of -6.63. The stock’s fifty day moving average is $21.97 and its two-hundred day moving average is $20.63.

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

Institutional Trading of Wolfspeed

Hedge funds and other institutional investors have recently made changes to their positions in the company. Canada Pension Plan Investment Board acquired a new stake in shares of Wolfspeed during the second quarter worth about $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Wolfspeed during the second quarter worth about $34,000. Summit Securities Group LLC increased its position in shares of Wolfspeed by 71.0% during the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after purchasing an additional 915 shares in the last quarter. Marex Group plc acquired a new stake in shares of Wolfspeed during the second quarter worth about $44,000. Finally, Eastern Bank acquired a new stake in shares of Wolfspeed during the fourth quarter worth about $46,000.

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.