Wolfspeed (NYSE:WOLF) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of Wolfspeed (NYSE:WOLF) from a hold rating to a sell rating in a research note released on Saturday.

Several other equities analysts have also weighed in on WOLF. Piper Sandler restated an “overweight” rating and set a $20.00 target price (up from $6.00) on shares of Wolfspeed in a report on Thursday. Susquehanna lowered their price objective on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday, January 22nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research note on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $12.75.

Wolfspeed Price Performance

NYSE WOLF opened at $14.87 on Friday. The firm has a market capitalization of $384.98 million and a price-to-earnings ratio of -23.60. The company has a 50 day simple moving average of $18.69 and a 200-day simple moving average of $15.08. Wolfspeed has a 52-week low of $8.05 and a 52-week high of $36.60.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, February 4th. The company reported ($6.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($5.37). The company had revenue of $168.50 million during the quarter, compared to analyst estimates of $170.00 million. During the same period last year, the company posted ($0.95) EPS. The company’s quarterly revenue was down 6.6% compared to the same quarter last year. On average, analysts predict that Wolfspeed will post -4 EPS for the current year.

Institutional Trading of Wolfspeed

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Andar Capital Management HK Ltd acquired a new position in shares of Wolfspeed during the 3rd quarter worth about $48,000. Capital Investment Advisory Services LLC boosted its position in Wolfspeed by 13.3% during the fourth quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock valued at $264,000 after purchasing an additional 1,783 shares during the last quarter. Eastern Bank bought a new position in Wolfspeed in the fourth quarter valued at approximately $46,000. State of Alaska Department of Revenue grew its stake in Wolfspeed by 15.4% in the second quarter. State of Alaska Department of Revenue now owns 99,465 shares of the company’s stock valued at $38,000 after purchasing an additional 13,265 shares in the last quarter. Finally, Polymer Capital Management HK LTD acquired a new position in shares of Wolfspeed during the 3rd quarter worth approximately $582,000.

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.