Wolfspeed (NYSE:WOLF) Rating Lowered to Hold at TD Cowen

Wolfspeed (NYSE:WOLF) was downgraded by investment analysts at TD Cowen from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, Marketbeat.com reports. They currently have a $25.00 price objective on the stock, down from their previous price objective of $40.00. TD Cowen’s target price would suggest a potential downside of 1.30% from the stock’s current price.

A number of other research firms have also recently weighed in on WOLF. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Wolfspeed from $35.00 to $30.00 and set a “hold” rating on the stock in a research note on Tuesday, April 23rd. Roth Mkm reissued a “buy” rating and set a $50.00 price target on shares of Wolfspeed in a research note on Tuesday. Susquehanna lowered their price objective on Wolfspeed from $35.00 to $25.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Piper Sandler cut their target price on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, February 1st. Finally, William Blair lowered Wolfspeed from an “outperform” rating to a “market perform” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, ten have given 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 a consensus price target of $37.27.

Wolfspeed Stock Performance

Wolfspeed stock traded up $1.77 during trading hours on Thursday, reaching $25.33. 5,927,773 shares of the stock were exchanged, compared to its average volume of 5,565,011. The stock has a 50 day moving average of $26.61 and a two-hundred day moving average of $32.05. The company has a current ratio of 4.58, a quick ratio of 4.58 and a debt-to-equity ratio of 5.55. Wolfspeed has a twelve month low of $20.63 and a twelve month high of $70.42.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. The company had revenue of $208.40 million for the quarter, compared to the consensus estimate of $205.94 million. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 27.37%. Sell-side analysts expect that Wolfspeed will post -3.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in WOLF. Norges Bank acquired a new position in Wolfspeed during the 4th quarter valued at about $308,701,000. FengHe Fund Management Pte. Ltd. grew its stake in shares of Wolfspeed by 438.9% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock worth $62,272,000 after acquiring an additional 1,165,600 shares during the period. JANA Partners Management LP bought a new position in Wolfspeed in the 3rd quarter worth approximately $35,662,000. Cibc World Markets Corp bought a new stake in shares of Wolfspeed during the 4th quarter valued at $34,808,000. Finally, Polar Capital Holdings Plc bought a new position in shares of Wolfspeed in the third quarter valued at approximately $16,200,000.

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.