Wall Street Zen Downgrades Wolfspeed (NYSE:WOLF) to Sell

Wolfspeed (NYSE:WOLF) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

A number of other analysts have also recently weighed in on WOLF. Susquehanna reduced their price target on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, January 22nd. Piper Sandler reissued an “overweight” rating and issued a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a research note on Thursday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research report on Monday, December 29th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Wolfspeed currently has an average rating of “Reduce” and a consensus target price of $12.75.

Wolfspeed Stock Up 1.4%

Shares of WOLF opened at $15.74 on Friday. The company’s fifty day moving average is $18.83 and its 200-day moving average is $14.99. Wolfspeed has a 12 month low of $8.05 and a 12 month high of $36.60. The firm has a market cap of $407.51 million and a price-to-earnings ratio of -24.98.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, February 4th. The company reported ($6.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($5.37). The company had revenue of $168.50 million for the quarter, compared to analyst estimates of $170.00 million. The company’s revenue was down 6.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.95) earnings per share. As a group, research analysts predict that Wolfspeed will post -4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Prescott Group Capital Management L.L.C. bought a new stake in Wolfspeed in the 4th quarter valued at $6,416,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Wolfspeed by 745,575.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 89,481 shares of the company’s stock valued at $1,558,000 after buying an additional 89,469 shares during the period. UBS Group AG lifted its stake in shares of Wolfspeed by 3,413.9% in the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock valued at $22,103,000 after buying an additional 1,233,419 shares during the period. Calamos Advisors LLC acquired a new stake in Wolfspeed during the fourth quarter worth about $12,451,000. Finally, Capital Investment Advisory Services LLC increased its stake in Wolfspeed by 13.3% during the fourth quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock valued at $264,000 after acquiring an additional 1,783 shares during the period.

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.