Wolfspeed (NYSE:WOLF) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Wolfspeed (NYSE:WOLF) from a strong sell rating to a sell rating in a research note published on Saturday,Wall Street Zen reports.

WOLF has been the subject of several other research reports. Weiss Ratings downgraded Wolfspeed from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, October 23rd. Susquehanna dropped their price target on Wolfspeed from $30.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 21st. TD Cowen cut their price target on Wolfspeed from $25.00 to $23.00 and set a “hold” rating for the company in a report on Thursday, November 5th. Finally, Zacks Research raised Wolfspeed to a “hold” rating in a research report on Friday, September 25th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $22.67.

Wolfspeed Trading Up 10.1%

NYSE:WOLF opened at $26.18 on Friday. Wolfspeed has a 1 year low of $13.48 and a 1 year high of $80.82. The firm’s fifty day simple moving average is $26.29 and its 200 day simple moving average is $30.22. The firm has a market capitalization of $1.39 billion, a PE ratio of -1.84 and a beta of 8.67.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, November 4th. The company reported ($2.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.99) by ($0.04). The business had revenue of $155.00 million for the quarter, compared to analysts’ expectations of $149.86 million. During the same period last year, the company posted ($0.55) earnings per share. Wolfspeed’s revenue was down 21.2% on a year-over-year basis. As a group, analysts anticipate that Wolfspeed will post -8.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. SBI Securities Co. Ltd. increased its position in shares of Wolfspeed by 96.8% during the third quarter. SBI Securities Co. Ltd. now owns 1,429 shares of the company’s stock valued at $40,000 after purchasing an additional 703 shares during the period. Royal Bank of Canada bought a new position in shares of Wolfspeed in the first quarter valued at approximately $89,000. FNY Investment Advisers LLC acquired a new position in shares of Wolfspeed in the 2nd quarter worth approximately $204,000. AXQ Capital LP acquired a new position in shares of Wolfspeed in the 2nd quarter worth approximately $208,000. Finally, Concurrent Investment Advisors LLC bought a new stake in Wolfspeed during the 2nd quarter worth approximately $229,000.

About Wolfspeed