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

Wolfspeed, Inc. (NYSE:WOLF) has received an average recommendation of “Hold” from the five ratings firms that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and one has assigned a buy recommendation to 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 equities research analysts recently weighed in on the stock. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, August 22nd. Weiss Ratings raised shares of Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a research note on Monday, August 24th. Susquehanna lowered their target price on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 21st. Finally, TD Cowen restated a “hold” rating and set a $25.00 price target on shares of Wolfspeed in a research report on Thursday, August 20th.

Institutional Investors Weigh In On Wolfspeed

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renesas Electronics America Inc. acquired a new position in Wolfspeed in the 2nd quarter valued at approximately $813,126,949. Shah Capital Management grew its holdings in shares of Wolfspeed by 1,419.5% during the 1st quarter. Shah Capital Management now owns 508,948 shares of the company’s stock valued at $8,306,000 after acquiring an additional 475,454 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Wolfspeed during the 1st quarter valued at $6,671,000. Prescott Group Capital Management L.L.C. purchased a new position in shares of Wolfspeed during the 4th quarter valued at $6,416,000. Finally, Ardsley Advisory Partners LP acquired a new position in shares of Wolfspeed in the fourth quarter worth $2,873,000.

Wolfspeed Trading Down 1.3%

Shares of NYSE WOLF opened at $23.71 on Monday. The stock has a 50 day simple moving average of $28.00 and a 200-day simple moving average of $33.90. The company has a market cap of $1.26 billion and a PE ratio of -1.50. Wolfspeed has a 12-month low of $8.05 and a 12-month high of $80.82.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, August 19th. The company reported ($2.26) earnings per share for the quarter, beating the consensus estimate of ($2.45) by $0.19. The business had revenue of $149.60 million for the quarter, compared to the consensus estimate of $150.00 million. During the same period in the previous year, the firm earned ($0.77) EPS. The firm’s revenue was down 24.1% on a year-over-year basis.

Wolfspeed Company Profile

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.