Wolfspeed, Inc. (NYSE:WOLF) Receives $10.50 Average Target Price from Analysts

Wolfspeed, Inc. (NYSE:WOLF) has been assigned an average rating of “Reduce” from the eight analysts that are covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and three have given a buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $8.8333.

WOLF has been the topic of several recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research note on Monday, December 29th. Wall Street Zen lowered Wolfspeed from a “hold” rating to a “sell” rating in a research note on Friday. Finally, Susquehanna decreased their target price on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors have recently added to or reduced their stakes in the stock. Capital Research Global Investors acquired a new stake in Wolfspeed in the third quarter valued at approximately $79,426,000. Two Seas Capital LP bought a new position in shares of Wolfspeed in the 2nd quarter valued at $962,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Wolfspeed by 94.3% in 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 valued at $5,718,000 after acquiring an additional 906,968 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Wolfspeed by 176.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after acquiring an additional 881,603 shares in the last quarter. Finally, GMT Capital Corp grew its position in Wolfspeed by 42.9% during the 2nd quarter. GMT Capital Corp now owns 1,211,332 shares of the company’s stock worth $483,000 after acquiring an additional 363,784 shares during the last quarter.

Wolfspeed Trading Down 6.4%

Shares of NYSE:WOLF opened at $17.95 on Friday. The firm has a 50 day moving average of $19.22 and a 200-day moving average of $13.75. Wolfspeed has a 12 month low of $8.05 and a 12 month high of $36.60. The stock has a market capitalization of $464.60 million and a PE ratio of -28.48.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, October 29th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.05. The firm had revenue of $196.80 million during the quarter, compared to the consensus estimate of $195.37 million. On average, research analysts predict that Wolfspeed will post -4 EPS for the current fiscal 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.