Analysts Set Wolfspeed, Inc. (NYSE:WOLF) Target Price at $12.75

Shares of Wolfspeed, Inc. (NYSE:WOLF) have been given an average recommendation of “Reduce” by the seven ratings firms that are currently covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating on the company. The average 12-month price target among analysts that have covered the stock in the last year is $12.75.

A number of research firms have weighed in on WOLF. Piper Sandler reaffirmed an “overweight” rating and set a $20.00 target price (up previously from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Susquehanna reduced their price objective on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday, January 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a report on Monday, December 29th. Zacks Research raised shares of Wolfspeed to a “hold” rating in a report on Monday, February 9th. Finally, Wall Street Zen cut shares of Wolfspeed from a “hold” rating to a “sell” rating in a report on Saturday, February 7th.

Wolfspeed Trading Up 11.2%

Shares of WOLF stock opened at $17.79 on Wednesday. The firm’s 50 day moving average is $18.29 and its 200 day moving average is $15.32. The stock has a market capitalization of $802.11 million and a P/E ratio of -2.53. Wolfspeed has a 12 month low of $8.05 and a 12 month high of $36.60.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, February 4th. The company reported ($6.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.74) by ($5.37). The business had revenue of $168.50 million for the quarter, compared to analyst estimates of $170.00 million. During the same quarter last year, the firm earned ($0.95) earnings per share. Wolfspeed’s revenue for the quarter was down 6.6% on a year-over-year basis. On average, equities analysts predict that Wolfspeed will post -4 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of WOLF. Capital Research Global Investors bought a new position in shares of Wolfspeed in the third quarter worth approximately $79,426,000. Two Seas Capital LP bought a new position in shares of Wolfspeed in the 2nd quarter worth $962,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Wolfspeed by 94.3% during the 1st 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 buying an additional 906,968 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Wolfspeed by 176.7% during 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. Finally, UBS Group AG grew its position in Wolfspeed by 3,413.9% in the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock worth $22,103,000 after acquiring an additional 1,233,419 shares in the last quarter.

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.