Wolfspeed (NYSE:WOLF) Downgraded by Wall Street Zen to Strong Sell

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

WOLF has been the subject of several other research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. Susquehanna decreased their price target on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 21st. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $25.00.

Wolfspeed Price Performance

Shares of WOLF stock opened at $23.48 on Friday. The firm has a market cap of $1.22 billion and a PE ratio of -2.22. The company has a 50-day moving average of $43.62 and a two-hundred day moving average of $31.62. Wolfspeed has a 1-year low of $8.05 and a 1-year high of $80.82.

Wolfspeed (NYSE:WOLF) last announced 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 company had revenue of $150.20 million for 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. Wolfspeed’s revenue was down 19.0% on a year-over-year basis.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Renesas Electronics America Inc. acquired a new position in shares of Wolfspeed in the fourth quarter valued at approximately $293,400,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Wolfspeed by 94.3% during the 1st 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 buying an additional 906,968 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Wolfspeed by 176.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after buying an additional 881,603 shares during the period. UBS Group AG grew its stake in shares of Wolfspeed by 3,413.9% in the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock worth $22,103,000 after acquiring an additional 1,233,419 shares in the last quarter. Finally, Calamos Advisors LLC acquired a new position in shares of Wolfspeed in the fourth quarter worth $12,451,000.

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.