Wolfspeed (NYSE:WOLF) Rating Lowered to “Strong Sell” at Wall Street Zen

Wolfspeed (NYSE:WOLF) was downgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other research analysts have also recently commented on the stock. Susquehanna cut their price target on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a research note on Tuesday, July 21st. Weiss Ratings raised Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a report on Monday, August 24th. Finally, TD Cowen restated a “hold” rating and set a $25.00 target price on shares of Wolfspeed in a research report on Thursday, August 20th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $25.00.

Wolfspeed Price Performance

Shares of WOLF stock opened at $25.61 on Friday. Wolfspeed has a one year low of $8.05 and a one year high of $80.82. The stock has a fifty day moving average price of $27.54 and a 200 day moving average price of $33.96. The stock has a market cap of $1.36 billion and a P/E ratio of -1.63.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, August 19th. The company reported ($2.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.45) by $0.19. The business had revenue of $149.60 million during the quarter, compared to analyst estimates of $150.00 million. During the same quarter in the prior year, the company posted ($0.77) EPS. The company’s quarterly revenue was down 24.1% compared to the same quarter last year.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. WINTON GROUP Ltd bought a new stake in Wolfspeed during the second quarter worth about $299,000. Engineers Gate Manager LP bought a new position in shares of Wolfspeed in the second quarter valued at approximately $347,000. Arizona State Retirement System bought a new position in shares of Wolfspeed in the second quarter valued at approximately $360,000. Readystate Asset Management LP acquired a new position in shares of Wolfspeed in the 2nd quarter worth approximately $6,841,000. Finally, Concurrent Investment Advisors LLC acquired a new position in shares of Wolfspeed in the 2nd quarter worth approximately $229,000.

About Wolfspeed

Wolfspeed, Inc is a semiconductor company focused on silicon carbide and gallium nitride technologies. The company develops and manufactures power semiconductors, materials and related components designed to improve energy efficiency and performance in high-power electrical systems.

Its product portfolio includes silicon carbide materials, discrete power devices, power modules and radio-frequency products. These products serve applications such as electric vehicles, charging infrastructure, renewable energy systems, industrial equipment, telecommunications, aerospace and defense.

Wolfspeed was formerly known as Cree, Inc, which was founded in 1987.