Wolfspeed, Inc. (NYSE:WOLF) Given Average Rating of “Reduce” by Analysts

Shares of Wolfspeed, Inc. (NYSE:WOLF) have received a consensus recommendation of “Reduce” from the nine research firms that are presently covering the stock, MarketBeat reports. Five analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $9.8571.

Several equities analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Wolfspeed in a report on Saturday, September 27th. Susquehanna upped their price objective on Wolfspeed to $30.00 and gave the company a “neutral” rating in a research note on Wednesday, October 22nd. Finally, Wall Street Zen raised Wolfspeed from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd.

Institutional Trading of Wolfspeed

Hedge funds have recently added to or reduced their stakes in the stock. Andar Capital Management HK Ltd purchased a new position in shares of Wolfspeed in the 3rd quarter worth about $48,000. Victory Capital Management Inc. increased its stake in Wolfspeed by 12.4% during the 1st quarter. Victory Capital Management Inc. now owns 26,562 shares of the company’s stock valued at $81,000 after purchasing an additional 2,922 shares in the last quarter. Mutual of America Capital Management LLC raised its holdings in Wolfspeed by 17.1% in the first quarter. Mutual of America Capital Management LLC now owns 22,653 shares of the company’s stock worth $69,000 after buying an additional 3,308 shares during the last quarter. SBI Securities Co. Ltd. raised its holdings in Wolfspeed by 39.7% in the first quarter. SBI Securities Co. Ltd. now owns 15,592 shares of the company’s stock worth $48,000 after buying an additional 4,429 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its stake in shares of Wolfspeed by 18.7% in the first quarter. Oregon Public Employees Retirement Fund now owns 35,600 shares of the company’s stock worth $109,000 after buying an additional 5,600 shares in the last quarter.

Wolfspeed Stock Performance

Wolfspeed stock opened at $17.97 on Monday. Wolfspeed has a fifty-two week low of $8.05 and a fifty-two week high of $36.60. The firm’s 50-day simple moving average is $17.40 and its 200 day simple moving average is $7.32. The stock has a market cap of $464.69 million and a PE ratio of -28.53.

About Wolfspeed

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.