Wolfspeed, Inc. (NYSE:WOLF) Receives $25.00 Average Price Target from Analysts

Shares of Wolfspeed, Inc. (NYSE:WOLF) have received a consensus rating of “Hold” from the five research firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $25.00.

Several brokerages have issued reports on WOLF. Susquehanna dropped their price target on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 21st. Weiss Ratings upgraded shares of Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a report on Monday. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, August 22nd. Finally, TD Cowen reissued a “hold” rating and set a $25.00 price objective on shares of Wolfspeed in a research report on Thursday, August 20th.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Renesas Electronics America Inc. purchased a new position in shares of Wolfspeed during the second quarter worth approximately $813,126,949,000. California State Teachers Retirement System bought a new position in shares of Wolfspeed during the 2nd quarter valued at $72,081,000. UBS Group AG grew its holdings in shares of Wolfspeed by 3,413.9% during the 4th quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock valued at $22,103,000 after purchasing an additional 1,233,419 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Wolfspeed by 94.3% in 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 worth $5,718,000 after purchasing an additional 906,968 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in Wolfspeed by 176.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after purchasing an additional 881,603 shares during the last quarter.

Wolfspeed Stock Performance

Shares of NYSE:WOLF opened at $26.76 on Thursday. Wolfspeed has a 52-week low of $8.05 and a 52-week high of $80.82. The company has a market capitalization of $1.42 billion and a PE ratio of -1.70. The company has a fifty day moving average of $33.78 and a 200-day moving average of $33.03.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, August 19th. The company reported ($2.26) earnings per share (EPS) for the quarter, beating the consensus estimate 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 last year, the company posted ($0.77) earnings per share. The company’s revenue was down 24.1% compared to the same quarter last year.

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.