Wolfspeed, Inc. (NYSE:WOLF) Given Average Recommendation of “Reduce” by Brokerages

Wolfspeed, Inc. (NYSE:WOLF) has received an average recommendation of “Reduce” from the six analysts that are presently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $14.3333.

Several analysts have issued reports on WOLF shares. Wall Street Zen downgraded Wolfspeed from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Zacks Research upgraded Wolfspeed to a “hold” rating in a report on Monday, February 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th. Piper Sandler restated an “overweight” rating and issued a $20.00 target price (up from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Finally, Susquehanna reduced their target price on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a report on Thursday, January 22nd.

Wolfspeed Trading Up 3.1%

NYSE WOLF opened at $18.01 on Thursday. The stock’s 50-day moving average price is $17.64 and its two-hundred day moving average price is $19.68. The company has a market cap of $811.85 million and a PE ratio of -2.56. Wolfspeed has a 1 year low of $8.05 and a 1 year high of $36.60.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, January 28th. The company reported ($6.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($5.37). The company’s revenue was down 6.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.95) earnings per share. Research analysts forecast that Wolfspeed will post -4 EPS for the current fiscal year.

Institutional Trading of Wolfspeed

A number of hedge funds have recently modified their holdings of WOLF. Andar Capital Management HK Ltd acquired a new stake in shares of Wolfspeed during the third quarter worth approximately $48,000. Summit Securities Group LLC boosted its holdings in shares of Wolfspeed by 71.0% during the fourth 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 period. Eastern Bank acquired a new stake in shares of Wolfspeed during the fourth quarter worth approximately $46,000. Cinctive Capital Management LP acquired a new stake in shares of Wolfspeed during the fourth quarter worth approximately $176,000. Finally, Capital Investment Advisory Services LLC boosted its holdings in shares of Wolfspeed by 13.3% during the fourth 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 during the period.

About Wolfspeed

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.