Wolfspeed (NYSE:WOLF) Upgraded at Wall Street Zen

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

A number of other analysts also recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. TD Cowen reiterated a “hold” rating and issued a $25.00 target price on shares of Wolfspeed in a research note on Thursday, August 20th. Finally, Susquehanna reduced their target price on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, July 21st. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $25.00.

Wolfspeed Price Performance

Shares of NYSE:WOLF opened at $24.70 on Friday. The company has a market capitalization of $1.31 billion and a PE ratio of -1.57. The business has a fifty day moving average price of $34.62 and a two-hundred day moving average price of $32.89. Wolfspeed has a 1 year low of $8.05 and a 1 year high of $80.82.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, August 19th. The company reported ($2.26) EPS for the quarter, topping analysts’ consensus estimates of ($2.45) by $0.19. The business had revenue of $149.60 million for the quarter, compared to the consensus estimate of $150.00 million. The company’s revenue for the quarter was down 24.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.77) earnings per share.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its holdings in Wolfspeed by 176.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after acquiring an additional 881,603 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Wolfspeed by 94.3% during the first 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 purchasing an additional 906,968 shares during the last quarter. WINTON GROUP Ltd bought a new position in Wolfspeed during the second quarter worth about $47,000. Ilex Capital Partners UK LLP boosted its position in Wolfspeed by 499.1% during the second quarter. Ilex Capital Partners UK LLP now owns 665,697 shares of the company’s stock worth $265,000 after purchasing an additional 554,587 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Wolfspeed in the second quarter worth about $34,000.

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.