Wolfspeed, Inc. (NYSE:WOLF) Receives Consensus Rating of “Reduce” from Brokerages

Wolfspeed, Inc. (NYSE:WOLF) has earned an average rating of “Reduce” from the eight ratings firms that are currently covering the firm, MarketBeat reports. Four analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $10.50.

WOLF has been the subject of a number of research reports. Susquehanna boosted their target price on shares of Wolfspeed to $30.00 and gave the company a “neutral” rating in a research report on Wednesday, October 22nd. Weiss Ratings reissued a “sell (e+)” rating on shares of Wolfspeed in a report on Saturday, September 27th. Finally, Wall Street Zen upgraded Wolfspeed to a “hold” rating in a research note on Saturday, November 22nd.

Wolfspeed Stock Down 3.3%

Shares of NYSE WOLF opened at $21.38 on Friday. Wolfspeed has a 52 week low of $8.05 and a 52 week high of $36.60. The business’s 50 day moving average price is $23.18 and its 200 day moving average price is $9.13. The firm has a market cap of $553.65 million and a P/E ratio of -33.94.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, October 29th. The company reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.05. The business had revenue of $196.80 million for the quarter, compared to analyst estimates of $195.37 million. As a group, research analysts expect that Wolfspeed will post -4 earnings per share for the current year.

Institutional Trading of Wolfspeed

A number of hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its position in shares of Wolfspeed by 12.4% in the first quarter. Victory Capital Management Inc. now owns 26,562 shares of the company’s stock worth $81,000 after acquiring an additional 2,922 shares during the period. HB Wealth Management LLC acquired a new position in Wolfspeed in the 1st quarter worth about $110,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Wolfspeed by 28.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 40,852 shares of the company’s stock worth $125,000 after purchasing an additional 8,953 shares during the period. N.E.W. Advisory Services LLC purchased a new position in Wolfspeed during the first quarter worth approximately $28,000. Finally, Vestcor Inc acquired a new stake in Wolfspeed in the first quarter valued at approximately $306,000.

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.