Wolfspeed, Inc. (NYSE:WOLF) Given Average Recommendation of “Reduce” by Brokerages

Wolfspeed, Inc. (NYSE:WOLF) has earned a consensus rating of “Reduce” from the eight ratings firms that are currently covering the company, Marketbeat.com reports. Four equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $10.50.

Several research firms have recently issued reports on WOLF. Wall Street Zen raised Wolfspeed to a “hold” rating in a research report on Saturday, November 22nd. Weiss Ratings reissued a “sell (e+)” rating on shares of Wolfspeed in a report on Saturday, September 27th. Finally, Susquehanna upped their target price on shares of Wolfspeed to $30.00 and gave the company a “neutral” rating in a report on Wednesday, October 22nd.

Wolfspeed Trading Down 2.9%

Shares of NYSE:WOLF opened at $17.43 on Tuesday. Wolfspeed has a 52 week low of $8.05 and a 52 week high of $36.60. The company’s 50 day moving average is $21.13 and its two-hundred day moving average is $11.51. The company has a market cap of $451.26 million and a PE ratio of -27.67.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, October 29th. The company reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.05. The firm had revenue of $196.80 million for the quarter, compared to analyst estimates of $195.37 million. As a group, equities research analysts expect that Wolfspeed will post -4 EPS for the current year.

Institutional Trading of Wolfspeed

Several institutional investors and hedge funds have recently made changes to their positions in WOLF. Goldman Sachs Group Inc. boosted its stake in Wolfspeed by 176.7% during the 1st 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 period. Nuveen LLC purchased a new stake in shares of Wolfspeed in the first quarter valued at about $1,365,000. Jump Financial LLC acquired a new stake in shares of Wolfspeed during the first quarter worth about $4,402,000. GMT Capital Corp acquired a new position in Wolfspeed in the 1st quarter valued at about $2,593,000. Finally, State of Alaska Department of Revenue raised its stake in Wolfspeed by 15.4% during the 2nd quarter. State of Alaska Department of Revenue now owns 99,465 shares of the company’s stock valued at $38,000 after acquiring an additional 13,265 shares during the last quarter.

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.