William Blair Lowers Wolfspeed (NYSE:WOLF) to Market Perform

Wolfspeed (NYSE:WOLF) was downgraded by equities research analysts at William Blair from an “outperform” rating to a “market perform” rating in a research note issued to investors on Thursday, FinViz reports.

A number of other equities research analysts have also recently weighed in on the stock. Piper Sandler reduced their price target on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, February 1st. JPMorgan Chase & Co. decreased their target price on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. Susquehanna dropped their price target on Wolfspeed from $35.00 to $25.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. Wells Fargo & Company reiterated an “equal weight” rating and issued a $30.00 price objective (down previously from $55.00) on shares of Wolfspeed in a research note on Wednesday, April 3rd. Finally, Mizuho began coverage on shares of Wolfspeed in a research report on Friday, April 5th. They set a “neutral” rating and a $30.00 target price on the stock. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Wolfspeed currently has a consensus rating of “Hold” and an average target price of $39.33.

Wolfspeed Price Performance

Shares of NYSE WOLF opened at $26.10 on Thursday. The stock’s 50-day simple moving average is $26.60 and its 200-day simple moving average is $32.22. The company has a debt-to-equity ratio of 4.50, a quick ratio of 4.58 and a current ratio of 5.13. The firm has a market capitalization of $3.28 billion, a PE ratio of -4.29 and a beta of 1.64. Wolfspeed has a fifty-two week low of $21.85 and a fifty-two week high of $70.42.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.10. The business had revenue of $208.40 million during the quarter, compared to the consensus estimate of $205.94 million. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. As a group, equities research analysts forecast that Wolfspeed will post -3.05 EPS for the current fiscal year.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, Director Darren R. Jackson bought 10,000 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was acquired at an average cost of $25.80 per share, with a total value of $258,000.00. Following the purchase, the director now owns 49,021 shares in the company, valued at approximately $1,264,741.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.62% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently bought and sold shares of WOLF. TFO Wealth Partners LLC boosted its stake in shares of Wolfspeed by 57,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after acquiring an additional 574 shares in the last quarter. Independence Bank of Kentucky raised its holdings in Wolfspeed by 97.0% during the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after purchasing an additional 350 shares during the last quarter. Fifth Third Bancorp boosted its position in Wolfspeed by 56.9% during the first quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock worth $37,000 after purchasing an additional 452 shares in the last quarter. Rakuten Securities Inc. purchased a new position in shares of Wolfspeed in the fourth quarter valued at $48,000. Finally, GAMMA Investing LLC acquired a new position in shares of Wolfspeed during the 4th quarter worth $56,000.

Wolfspeed Company Profile

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.