Brokerages Set Wolfspeed, Inc. (NYSE:WOLF) PT at $12.75

Shares of Wolfspeed, Inc. (NYSE:WOLF) have been assigned an average rating of “Reduce” from the seven analysts that are presently covering the firm, Marketbeat reports. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $12.75.

Several equities research analysts recently weighed in on the company. Susquehanna decreased their target price on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday, January 22nd. Wall Street Zen cut shares of Wolfspeed from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Zacks Research upgraded shares of Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research report on Monday, December 29th. Finally, Piper Sandler reiterated an “overweight” rating and set a $20.00 price target (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th.

Institutional Trading of Wolfspeed

A number of large investors have recently made changes to their positions in WOLF. Renesas Electronics America Inc. purchased a new position in Wolfspeed during the 4th quarter worth approximately $293,400,000. Capital Research Global Investors acquired a new stake in shares of Wolfspeed in the third quarter valued at approximately $79,426,000. Two Seas Capital LP acquired a new stake in shares of Wolfspeed in the second quarter valued at approximately $962,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Wolfspeed by 94.3% during the first 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 acquiring an additional 906,968 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position 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 worth $4,224,000 after acquiring an additional 881,603 shares during the last quarter.

Wolfspeed Price Performance

NYSE:WOLF opened at $19.16 on Wednesday. The firm has a market capitalization of $863.92 million and a PE ratio of -2.72. The business’s fifty day moving average price is $18.11 and its 200 day moving average price is $15.75. Wolfspeed has a 12 month low of $8.05 and a 12 month high of $36.60.

Wolfspeed (NYSE:WOLF) last announced 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 business had revenue of $168.50 million during the quarter, compared to the consensus estimate of $170.00 million. Wolfspeed’s revenue was down 6.6% compared to the same quarter last year. During the same period last year, the business earned ($0.95) earnings per share. As a group, equities analysts anticipate that Wolfspeed will post -4 EPS for the current year.

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.