Wolfspeed (NYSE:WOLF) Rating Increased to Sell 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 report sent to investors on Saturday.

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $20.00.

Wolfspeed Stock Down 3.8%

Shares of NYSE WOLF opened at $29.98 on Friday. Wolfspeed has a 12 month low of $8.05 and a 12 month high of $80.82. The company has a market cap of $1.56 billion and a price-to-earnings ratio of -2.84. The business has a fifty day simple moving average of $50.91 and a 200-day simple moving average of $31.13.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.78) by $0.52. The company had revenue of $150.20 million during the quarter, compared to analysts’ expectations of $150.00 million. During the same period in the prior year, the business posted ($0.72) EPS. The company’s revenue for the quarter was down 19.0% compared to the same quarter last year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Summit Securities Group LLC increased its position in Wolfspeed by 71.0% in the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after purchasing an additional 915 shares during the last quarter. Capital Investment Advisory Services LLC raised its stake in shares of Wolfspeed by 13.3% during the 4th quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock worth $264,000 after purchasing an additional 1,783 shares in the last quarter. Eastern Bank acquired a new stake in shares of Wolfspeed during the 4th quarter valued at about $46,000. FNY Investment Advisers LLC acquired a new stake in shares of Wolfspeed during the 2nd quarter valued at about $204,000. Finally, Royal Bank of Canada bought a new stake in shares of Wolfspeed in the 1st quarter valued at approximately $89,000.

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.