Wolfspeed, Inc. (NYSE:WOLF) Receives $12.75 Consensus Price Target from Brokerages

Wolfspeed, Inc. (NYSE:WOLF) has earned a consensus recommendation of “Reduce” from the seven ratings firms that are currently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $12.75.

Several research firms have issued reports on WOLF. Piper Sandler reiterated an “overweight” rating and issued a $20.00 target price (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a report on Monday, December 29th. Susquehanna cut their price objective on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, January 22nd. Wall Street Zen lowered shares of Wolfspeed from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Finally, Zacks Research raised shares of Wolfspeed to a “hold” rating in a research report on Monday, February 9th.

Wolfspeed Stock Down 6.2%

Wolfspeed stock opened at $16.67 on Friday. The firm has a market cap of $751.47 million and a P/E ratio of -2.37. The business has a fifty day moving average of $18.41 and a two-hundred day moving average of $17.64. Wolfspeed has a twelve month low of $8.05 and a twelve month high of $36.60.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, January 28th. The company reported ($6.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.74) by ($5.37). Wolfspeed’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.95) earnings per share. Equities analysts expect that Wolfspeed will post -4 earnings per share for the current year.

Institutional Trading of Wolfspeed

Several hedge funds and other institutional investors have recently made changes to their positions in WOLF. Yaupon Capital Management LP acquired a new position in Wolfspeed during the 4th quarter valued at about $7,834,000. Summit Securities Group LLC boosted its holdings in Wolfspeed by 71.0% in the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after acquiring an additional 915 shares in the last quarter. Cinctive Capital Management LP purchased a new stake in shares of Wolfspeed during the fourth quarter worth about $176,000. Ardsley Advisory Partners LP purchased a new stake in shares of Wolfspeed during the fourth quarter worth about $2,873,000. Finally, Renesas Electronics America Inc. acquired a new position in shares of Wolfspeed during the fourth quarter valued at about $293,400,000.

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.