Wolfspeed (NYSE:WOLF) Downgraded to Market Perform at William Blair

William Blair downgraded shares of Wolfspeed (NYSE:WOLF) from an outperform rating to a market perform rating in a report issued on Thursday, MarketBeat Ratings reports.

Several other research analysts have also recently weighed in on WOLF. Mizuho assumed coverage on shares of Wolfspeed in a report on Friday, April 5th. They issued a neutral rating and a $30.00 price target for the company. Deutsche Bank Aktiengesellschaft lowered their target price on Wolfspeed from $35.00 to $30.00 and set a hold rating for the company in a report on Tuesday, April 23rd. Piper Sandler cut their price target on Wolfspeed from $55.00 to $45.00 and set an overweight rating on the stock in a report on Thursday, February 1st. Roth Mkm reiterated a buy rating and set a $50.00 price objective on shares of Wolfspeed in a report on Tuesday. Finally, JPMorgan Chase & Co. cut their target price on Wolfspeed from $43.00 to $35.00 and set a neutral rating on the stock in a research note on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Hold and an average target price of $37.27.

Wolfspeed Stock Up 7.5 %

Wolfspeed stock traded up $1.77 during mid-day trading on Thursday, hitting $25.33. 5,927,773 shares of the company’s stock were exchanged, compared to its average volume of 5,565,011. The company’s 50 day simple moving average is $26.61 and its 200-day simple moving average is $32.05. The company has a debt-to-equity ratio of 5.55, a quick ratio of 4.58 and a current ratio of 4.58. Wolfspeed has a fifty-two week low of $20.63 and a fifty-two week high of $70.42.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.10. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. The business had revenue of $208.40 million for the quarter, compared to analysts’ expectations of $205.94 million. As a group, analysts predict that Wolfspeed will post -3.05 earnings per share for the current fiscal year.

Institutional Trading of Wolfspeed

Hedge funds have recently made changes to their positions in the company. Envestnet Asset Management Inc. boosted its position in Wolfspeed by 234.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 168,103 shares of the company’s stock worth $6,405,000 after buying an additional 117,848 shares during the period. Vanguard Group Inc. grew its stake in shares of Wolfspeed by 1.5% in the third quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock worth $475,171,000 after purchasing an additional 188,236 shares during the last quarter. Boston Partners acquired a new stake in Wolfspeed in the third quarter valued at $2,032,000. UBS Group AG raised its position in Wolfspeed by 57.5% during the 3rd quarter. UBS Group AG now owns 219,080 shares of the company’s stock worth $8,347,000 after purchasing an additional 80,011 shares during the last quarter. Finally, UniSuper Management Pty Ltd lifted its holdings in Wolfspeed by 86.7% during the 3rd quarter. UniSuper Management Pty Ltd now owns 703,822 shares of the company’s stock worth $26,816,000 after buying an additional 326,810 shares during the period.

About Wolfspeed

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.